MPA 26.04

MPA TURNS 25: A BROKING RETROSPECTIVE

MPAMAG.COM/AU ISSUE 26.04

BRIDGING THE GAP How three decades of instinct led James Green to a new frontier in mortgage finance

COMMERCIAL ROUNDTABLE Broking in a post-Budget reset

ELITE WOMEN 2026 Standout leaders inspiring others

NON-BANK LENDERS Earning their seat at the table

James Green Clinch

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er

AUGUST 2026

CONNECT WITH US

CONTENTS

Got a story or suggestion, or just want to find out some more information? x.com/MPAMagazineAU facebook.com/Mortgage ProfessionalAU

UPFRONT 02 Editorial

Customer advocacy and resilience behind the rise of mortgage broking

30 FEATURES

A BROKING RETROSPECTIVE

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Brokers, lenders and aggregators share their stories

04 Statistics

A snapshot of housing and mortgage demand nationwide

06 Opinion

Why brokers can’t afford to be complacent

FEATURES 26 Bridging finance

Meeting market’s evolving demands

76 Effective leadership

Why self-awareness and emotional regulation matter

SPECIAL REPORT

ELITE WOMEN 2026 Inspiring others to rise to the top

PEOPLE

48 FEATURES

BANKWEST

BIG INTERVIEW

JAMES GREEN

78 Brokerage insight

Father, son and 30 years of broking

80 Other life

Rethink Financing’s Son Pham swaps boardrooms for bitumen

How the broker-first model built enduring relationships

Clinch CEO’s success story, three decades in the making

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ns

;

56 FEATURES

COMMERCIAL LENDERS ROUNDTABLE

Brokers stepping up as partners, not just dealmakers

MPAMAG.COM/AU NOW ONLINE: Our daily newsletter. Keep on top of property market trends, business strategy, and what industry leaders have to say.

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8/5/2026 11:28:23 AM

UPFRONT

EDITOR’S LETTER www.mpamag.com/au AUGUST 2026

Why brokers won

O

ver the past few months, I’ve sat across the table from franchise executives, aggregator founders, digital bank sales chiefs and the brokers on the front lines while putting together this issue’s retrospective on 25 years of the broking industry.

Ask any of them why brokers now write more than eight in every 10 home loans in this country, and you’ll get a slightly different answer. Put those answers side by side, though, and a single thread runs through all of them: brokers won by refusing to be optional.

Twenty-five years ago, a broker was an alternative to the bank. Today, for most Australians, the broker is the default. That didn’t happen because lenders handed over ground willingly. It happened because customers wanted choice and someone going in to bat for them – guidance over gatekeeping, shall we say.

One story from this series convinced me the growth was rarely just about rates – a broker who built his business on driving to a client’s kitchen table, in person, every single time, whether for a dollar-for-dollar refinance or a million-dollar loan. That shouldn’t hold up in an era of instant everything, and yet it does, because relationships still outcompete convenience when the stakes are high.

Another interviewee told me something that stuck with me: brokers didn’t grow because they thought broking was a good idea; they grew because customers thought they were a great idea.

When your biggest, most reluctant competitors become your allies, you know you’re on to a good thing Then there’s the industry’s strange relationship with adversity. The Hayne Royal Commission should have been broking’s reckoning. Instead, nearly everyone I spoke to across banks, aggregators and brokerages described it as the moment the industry grew up, not the moment it nearly died. The best interests duty formalised what the good operators were already doing and quietly ended the careers of those who weren’t. That’s an industry passing a stress test it didn’t ask for.

And then there’s the relationship between brokers and the banks themselves. It began as something closer to open hostility – lenders viewing brokers as intermediaries eating into margins, and brokers viewing lenders as obstacles to be worked around rather than partnered with. But somewhere along the way, the economics shifted and banks that once saw brokers as a cost to be minimised now see them as the most efficient way to reach a customer. When your biggest, most reluctant competitors become your allies, you know you’re on to a good thing.

None of this was inevitable, and everyone I’ve interviewed for this series admitted as much. But over the past 25 years, broking succeeded for a timeless reason: it kept showing up for people when it mattered most, and it never stopped adapting to justify its existence.

William Farrington, editor, MPA

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EDITORIAL Editor William Farrington Writers Kim Champion, Mina Martin, Bennett Richardson, William Farrington Contributors Jason Dunn, William Lockett Lead Production Editor Roslyn Meredith Copy Editors Karen Atienza, Allison Ingusan, Christina Jelinek, Tara Tovell

ART & PRODUCTION Designers Cess Rodriguez, Juan Ramos

SALES & MARKETING Publisher Claire Tan

CORPORATE Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley Chief Commercial Officer Justin Kennedy Chief Revenue Officer Dane Taylor Chief Human Resources Officer Julia Bookallil

APAC Project Management Lead Shara Vargas

EDITORIAL ENQUIRIES

tel: +612 8437 4711 william.farrington@keymedia.com

SUBSCRIPTION ENQUIRIES

tel: +61 2 8311 5831 • fax: +61 2 8437 4753 subscriptions@keymedia.com.au

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Mortgage Professional Australia is part of an international family of B2B publications and websites for the mortgage industry AUSTRALIAN BROKER

simon.kerslake@keymedia.com T +61 2 8437 4786

NZ ADVISER

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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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UPFRONT

STATISTICS HOUSING MARKET

BY THE NUMBERS

MORTGAGE DEMAND SLUMPS NATIONWIDE Equifax data shows mortgage demand fell across every state, territory and age group in June, with no positive growth recorded. Younger borrowers were hit hardest as economic pressure pushes consumers to retreat from rate-sensitive commitments and discretionary borrowing.

OVERALL MORTGAGE DEMAND

$12.5trn

-14%

BY STATE

Total value of Australia’s housing market, now the nation’s largest asset class

FIRST HOME BUYERS

-17.2%

BY STATE

ACT

-18.6%

Qld

-20.8%

Vic

-15.9%

Vic

-18.2%

NSW

-15%

Tas

-9.9%

WA

-8.5%

BY AGE GROUP

BY AGE GROUP

26-35

-18.2%

18-25

-18%

18-25

-17.9%

26-35

-20.4%

56+

-5.6%

0.7%

• Younger cohorts are driving the overall downturn • 26−35-year-olds at -18.2% and 18−25-year-olds at -17.9% recorded the sharpest falls • 56+ age group showed the most modest decline at -5.6%

Rate of fall in Australian home values in the three months to June 2026, the steepest quarterly decline since January 2023

• Demand from FHB demographics plummeted • 26−35-year-olds at -20.4% and 18−25-year-olds at -18% saw significant double-digit declines

RENTING BEATS BUYING NATIONWIDE

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Compare the Market analysis reveals renting beats buying in terms of monthly affordability in every Australian capital for houses, and in all but Darwin for units, where buying a unit is 20% cheaper than renting. Sydney recorded the biggest gap, with house mortgage repayments 106% higher than rent. Mortgage pricing assumes 20% deposit and 5% interest rate.

National median days on market, signalling softer selling conditions

30%

Share of listings going to auction, down from 45% since November 2025 as momentum fades Source: Cotality Monthly Housing Chart Pack, July 2026

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RENTING VS BUYING BY CAPITAL CITY City

House: mortgage vs rent %

Unit: mortgage vs rent %

Cheaper option

Sydney

+106%

+30%

Rent (both)

Brisbane

+75%

+43%

Rent (both)

Melbourne

+66%

+17%

Rent (both)

Adelaide

+63%

+34%

Rent (house)

Canberra

+55%

+10%

Rent (both)

Perth

+48%

+15%

Rent (both)

Hobart

+37%

+23%

Rent (both)

Darwin

+5%

-20%

Rent (house) / buy (unit) Source: Compare the Market, July 2026

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WHERE AUSTRALIAN PROPERTY PRICES ARE RISING FASTEST

AUSTRALIAN MORTGAGE DEMAND IN JUNE 2026 VS JUNE 2025 (YoY) National YoY movement

REFINANCE (SAME LENDER)

-10.4%

REFINANCE (DIFFERENT LENDER)

BY STATE

New realestate.com.au data shows house prices rose in 85% of Australian suburbs over the past year, and units in 90%, despite tougher 2026 conditions. Ravenswood, Tasmania led house growth at 41%, while Hillcrest, Queensland topped units at 42%.

-15.1%

TOP 5 SUBURBS BY ANNUAL PRICE GROWTH (JUNE 2026)

BY STATE

ACT

-20.2%

NSW

-18.3%

Vic

-13.3%

Vic

-16.6%

Qld

-5.7%

WA

-4%

BY AGE GROUP

Suburb

State

Property type

Median AVM

12-month growth

1. Ravenswood

Tas

House

$511,000

41.1%

2. Home Hill

Qld

House

$404,000

40.2%

3. Waverley

Tas

House

$514,000

38.7%

4. Hillcrest

Qld

Unit

$810,000

42.3%

5. Beenleigh

Qld

UNIT

$670,000

42.3%

BY AGE GROUP

18-25

-21%

26-35

-18.7%

26-35

-14.6%

36-45

-17.6%

• The strongest fall was among 18−25-year-olds at -21%, followed by 26−35-year-olds at -14.6%

• The core family demographic saw strongest declines • 26−35-year-olds at -18.7% and 36−45-year-olds at -17.6%

Note: This data accounts for the full month and is not trading day adjusted.

Source: realestate.com.au, 12 months to June 2026

Source: Equifax Consumer Credit Demand Data Trends, June 2026

RATE FEARS RISE, PRICE HOPES FADE

BUYER CONFIDENCE REMAINS SUBDUED

Westpac–Melbourne Institute data shows consumer sentiment rose 4.1% month-on-month in July, but mortgage rate expectations jumped 95.5% year-on-year while house price expectations fell 27.5% to a three-year low, reflecting growing housing outloook uncertainty.

Finder data shows just 29% of Australians think now is a good time to buy property, with ACT most optimistic at 43% and Tasmania lowest at 35%.

Housing affordability sentiment sits at 37%, while buyers expect a 7.6-year wait to own a home.

CONSUMER SENTIMENT INDICATORS – JULY 2026

BUYER SENTIMENT SNAPSHOT, JUNE 2026

June 2026

July 2026

Monthly change

Yearly change

Consumer Sentiment Index

80.6

83.9

+4.1%

-9.9%

Interest Rate Expectations Index

172.6

162.6

-5.8%

+95.5%

Metric

House Price Expectations Index

128.2

118

-8%

-27.5%

Time to buy a dwelling

81.1

85.4

+5.3%

-3.5%

Source: Westpac–Melbourne Institute, July 2026

“Good time to buy property” sentiment

State-level buying sentiment

29% 43%

think now is a good time to buy

ACT highest at 43%; WA and Victoria tied at 41%; Tasmania lowest at 35%

Time to own a home (expectation)

7.6

years on average

Housing affordability optimism

37%

feel positive about housing affordability

Source: Finder, July 2026

www.mpamag.com/au

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8/5/2026 11:27:09 AM

UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email william.farrington@keymedia.com

Mortgage broking is stronger than ever, but we can’t be complacent From emerging channel to trusted advisers, brokers face new pressures that can’t be ignored, says SFG’s William Lockett THE AUSTRALIAN MORTGAGE broking industry is one of this country’s great professional success stories.

Over the past 25 years, brokers have evolved from an emerging distribution channel into trusted advisers who now facilitate a record 81% of all new residential home loans in Australia. That level of market share doesn’t happen by chance. It reflects decades of professionalism, stronger education, improved regulation, continual innovation and the trust brokers have earned from Australian

This success has also strengthened competition across Australia’s lending landscape.

Consumers have greater choice, more access to specialist lending solutions, and the confidence of knowing they have independent professionals helping them navigate an increasingly complex market.

The growth of mortgage broking is also a reflection of the broader industry working together. Brokers, aggregators, lenders and industry associations have each played an important role in raising standards, investing

Today’s brokers are far more than home loan facilitators. They are trusted advisers, business owners, employers and mentors consumers. As someone who has spent more than 30 years supporting brokers through the aggregation sector, I’ve had the privilege of watching this transformation first-hand.

Today’s brokers are far more than home loan facilitators. They are trusted advisers, business owners, employers and mentors who guide Australians through some of the most important financial decisions of their lives. They operate in an increasingly complex environment, balancing changing lender policies, evolving regulation and rising consumer expectations, while continuing to deliver outstanding service.

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in education, embracing technology and building a profession that Australians increasingly trust. That is something we should all be incredibly proud of.

Success should never lead to complacency, and, like many industries, mortgage broking continues to face challenges that require thoughtful leadership and ongoing advocacy.

One of the most significant is the ongoing uncertainty surrounding payroll tax. While payroll tax is administered by individual states, the implications extend well beyond state borders. The differing approaches and ongoing uncertainty have created challenges for broker

businesses across the country, impacting confidence, investment decisions and future growth. For an industry made up largely of small business owners, consistency and certainty are essential. We are also watching broader economic policy settings closely. From my perspective, aspects of the recent Federal Budget risk creating unintended consequences for housing affordability, borrowing confidence and long-term wealth creation.

While governments must balance many competing priorities, it’s important that policy settings continue to encourage aspiration, support investment and increase housing supply. Measures that reduce confidence or make it more difficult for Australians to enter or progress through the property market ultimately affect not only borrowers but the broader economy.

Mortgage brokers sit at the intersection of these policy decisions every day. We see firsthand how changes to lending policy, taxation and economic conditions influence the choices available to Australian families and businesses. That practical experience gives our industry an important voice in conversations about the future of housing and finance.

Despite these headwinds, I remain optimistic about the future. The trust Australians place in mortgage brokers has never been stronger. Our profession continues to evolve – embracing new technology, investing in education, focusing strongly on compliance, and maintaining commitment to acting in the best interests of clients.

If collaboration continues across brokers, aggregators, lenders, industry bodies and government, we can continue with the progress our industry has made and ensure mortgage brokers remain a strong and trusted part of Australia’s lending landscape.

The remarkable achievement of reaching 81% market share is not the finish line. It’s a reminder of what this industry can accomplish when it remains united, professional and focused on delivering better outcomes for Australians.

William Lockett is managing director of SFG, one of Australia’s longest-established, privately owned aggregators.

www.mpamag.com/au

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PEOPLE

BIG INTERVIEW

WHY CLINCH IS BETTING ON BRIDGING With over 30 years in the business, James Green knows how to clinch a deal.

Now he’s built a company named for it

HAVING BUILT his career for more than three decades, it’s safe to say that James Green has seen it all. He started as a mortgage broker in 1993, back when brokers were a rounding error in the Australian home loan market. He was one of the first handful of employees at Wizard Home Loans in 1996. He built businesses through the GFC, the Hayne Royal Commission and the digital lending boom.

Now, as chief executive of Clinch, Green is applying three decades of pattern recognition to a booming corner of the mortgage finance industry: bridging loans and equity release.

Green’s career reads like a timeline of the broking industry itself. While at Wizard Home Loans, he worked alongside Mark Bouris to build a seven-person startup into a 300-office national brand.

He moved through Allco, Oxygen Home Loans, Century 21 Home Loans, Shore Financial, Australian Mortgage and Volt Bank, picking up an Australian Mortgage Award and a seat on the federal government’s best interests duty advisory team along the way.

Asked what single event most shaped the profession he’s been part of for three decades plus change, Green doesn’t point to the usual suspects of regulation or technology, but something far more precise.

“For me, the single biggest event that shaped the mortgage broking profession was the introduction of lender-paid broker commissions,” he says. “I still remember when State Bank introduced one of the first broker

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commissions, paying approximately $500 for a settled loan in 1996.” That decision, he argues, gave brokers the economic foundation to build real businesses rather than simply completing one-off transactions – and opened national distribution to smaller lenders that couldn’t otherwise compete with the majors.

The GFC of 2007–08 was the other hinge point. “We saw many lenders withdraw from the market almost overnight, funding models

new lending because consumers voted with their feet; they wanted choice, competition and advice.”

Building Clinch With an enviable CV behind him, Green brought Clinch to the equity release market in 2025, targeting a gap he saw forming: “Customers increasingly needed more flexibility when buying and selling property,”

“Great businesses are built by great, empowered people. We’ve been fortunate to combine an amazing team with a great brand, innovative products [and] deep broker relationships” change dramatically, and the mortgage landscape was reshaped permanently,” Green recalls. He also lived through the aftermath of the Hayne Royal Commission, later joining the Commonwealth financial services minister’s advisory team as the industry worked to retain the broker commission model.

While he’s been there from the beginning, brokers’ rise to dominance of the mortgage finance market still impresses Green. “When I started, brokers had less than 5% market share, and customers largely went wherever their bank told them to go,” he says. “Thirty years later, brokers represent around 80% of

he says, “particularly in a market where timing, settlement pressures and lifestyle decisions don’t always line up.”

Clinch’s flagship bridging product, the Easy Equity Loan, lets customers draw down equity without monthly repayments – a response, Green says, to a growing cohort who are “asset rich but income constrained”.

Settling close to half a billion dollars in the first financial year is “a milestone we are incredibly proud of, but more importantly it validates that Australians are looking for more flexible lending solutions that support the way they want to make property decisions”.

www.mpamag.com/au

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PROFILE Name: James Green Role: CEO Company: Clinch Years in the industry: 33 Primary services offered by Clinch: Bridging and Easy Equity Loans

www.mpamag.com/au

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PEOPLE

BIG INTERVIEW Green is eager to credit the platform behind the brand: AltX Financial Group’s funding capability and distribution network, alongside a team comprising “deep specialist lending experience, strong broker relationships and a genuine focus on delivering better customer outcomes”.

Part of what’s made bridging finance suddenly fashionable, in Green’s view, is pricing. “Historically, bridging loans were seen

That thinking shaped Easy Equity directly, giving Australian homeowners a way to access built-up equity without the burden of monthly repayments. As Green puts it, “The UK gave us a window into where the market was heading, but the opportunity was to take those learnings and design products specifically for Australian customers, brokers and our property market.”

“After 30 years in lending, the one thing I know is that industries don’t stand still” as expensive and niche, often with rates above 15%,” he says. “Today, through better funding, competition and technology, products like Clinch can provide flexible solutions at rates closer to traditional lending” – or nearer to 8%.

That shift has turned bridging from a last resort into a genuine financial solution – one increasingly attractive to the fast-growing downsizer segment reshaping broker business models around later-life clients.

What Green brought back from the UK Much of Clinch’s product design traces back to a single research trip. In January 2025, Green travelled to the UK to spend time understanding how its specialist lending market had evolved, particularly around downsizers and later-life borrowers.

Later-life lending has become one of the UK’s fastest-growing mortgage segments.

Volumes of new loans to borrowers over 55 rose 33.5% year-on-year to £6.1 billion ($12 billion) in the first quarter of 2025, according to UK Finance’s later-life lending data – and Green had seen the same pressures building in Australia’s ageing, propertywealthy population.

“The key insight I brought back from the UK was that the future of bridging finance was not just about solving a short-term settlement problem,” he says. “It was about creating lending solutions that helped customers navigate major life transitions.”

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Where to next?

With AI and demographic change now converging on the industry, Green sees Clinch’s next phase as an extension of the same pattern that’s defined his career – spotting where customer needs have outgrown the products built to serve them and building something better before the rest of the market catches up.

“Great businesses are built by great, empowered people,” he says. “We’ve been fortunate to combine an amazing team with a great brand, innovative products, deep broker relationships and the strength of the AltX platform.” That funding capability is what lets Clinch keep building solutions that are “competitive, sustainable and designed around customer needs”.

That team is now pointed at a clear target.

“Our focus now is on continuing to build Australia’s leading specialist bridging and property finance platform,” Green says. They are keeping the downsizer and later-life borrower segment front of mind, alongside further investment in AI and technology to “simplify the lending experience for brokers and customers” without losing the humancentric advice Green sees as essential for the biggest financial calls of a customer’s life.

His confidence that Clinch can pull it off is rooted in a career built on backing himself through change. “After 30 years in lending, the one thing I know is that industries don’t stand still,” he says. “The companies that succeed are

JAMES GREEN: CAREER HIGHLIGHTS

1993

Enters broking profession

2009

Builds Oxygen Home Loans

2013

CEO, Century 21; co-founds Shore Financial

2017

Co-founds Australian Mortgage

2025

Launches Clinch

the ones that embrace change, challenge the status quo and stay focused on solving customer problems.”

Green views Clinch’s first 12 months as groundwork rather than a finished product.

“The first year was about building the foundation: the right people, the right culture, a trusted brand, innovative products and strong funding partnerships. The next chapter is about scaling with the same energy, innovation and customer focus that got us here.”

Clinch’s early growth so far suggests there’s abundant room to run in the bridging and equity release markets. For Green, that’s less a prediction than a pattern he’s watched play out since 1996: brokers, products and lenders reshaping themselves around what customers actually need, rather than the other way around.

www.mpamag.com/au

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8042 reviews on

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We’re committed to you At ANZ, our commitment to brokers is as strong as ever. Our dedicated Residential Broker Managers are ready to help.

ANZ and Brokers.

Working better together.

Australian credit licence 234527.

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SPECIAL REPORT

2026 MPA’s Elite Women of 2026 share how they have driven change for women, from filling sponsorship gaps to showcasing entrepreneurial flair, while helping deliver record industry growth

CONTENTS

PAGE

Feature article .......................................... 14 Methodology ........................................... 15 Elite Women 2026 ................................... 23

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026

STANDOUT LEADERS INSPIRING OTHERS TO RISE TO THE TOP FEMALE LEADERS in the mortgage industry are becoming harder to overlook.

For the first time in three years, the share of MPA’s Elite Women who say the industry still lacks visible female leaders to look up to has fallen sharply, from 91% in 2025 down to 62% in 2026.

Serendipitously, the change in dynamic is the result of the leading women in the industry consciously making time to share their skills and advice, which was confirmed in this year’s survey, as 73% of respondents stated that mentoring or developing other women was a priority for them. These leaders have seized the initiative and refused to wait for a structural gap to close before building influence inside it.

The reversal is even more impressive as it follows three straight years of the lack of visible leaders climbing, from 61% in 2023 to 78% in 2024 and then last year’s report high, and it also lands at a moment when

the broker channel itself has never carried more weight in how Australians buy homes.

In the March 2026 quarter, brokers wrote a record 81% of new home loans nationally, up from 76.8% a year earlier, according to the MFAA Quarterly Market Share Report. Yet the women behind that record-breaking share remain a minority whose representation has not grown at the same pace.

Female representation among Australian mortgage brokers sits at just 26.8%, a figure the MFAA’s Industry Intelligence Service Report says has hovered around 27% since 2017. The pipeline tells the same story: of brokers who joined the industry between April and September 2024, 68% were men and 32% were women – a split almost identical to 2021, according to MFAA data.

That combination, a workforce gap that has barely moved and a perception gap that has just shifted for the first time in years, is

KEY TAKEAWAYS

WOMEN RECOGNISED

BROKER MARKET SHARE

¥

FOUR NUMBERS BEHIND THE 2026 ELITE WOMEN

77

81%

Say the industry still lacks visible female leaders – the first drop in three years of survey data

Elite Women named in 2026, drawn from nominations across the entire mortgage industry

Of new home loans written by brokers last quarter – a record high for the channel

PERCEPTION SHIFT

91%

62%

Sources: MPA Elite Women survey 2023–26; MFAA Quarterly Market Share Report, March 2026; MFAA Industry Intelligence Service

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the backdrop against which this year’s Elite Women were nominated and chosen.

In April 2026, MPA invited industry professionals across the country to nominate exceptional female leaders for its Elite Women 2026 list. Nominees had to be working in a role that related to or impacted the mortgage industry and had to demonstrate a clear passion for their work. After a thorough review of every nomination, the MPA team narrowed the list to a final 77 Elite Women.

For Melanie Kafka, executive, member experience and partnerships at the MFAA, the standard to stand out in 2026 has changed.

“Success is no longer measured simply by loan volumes or business growth. Today’s leading women are recognised because they combine commercial success with professionalism, strong client outcomes, innovation and a genuine commitment to developing others,” she says.

What has not changed, she argues, is why visibility matters in an industry still short on women at senior levels. “Research consistently shows that you can’t be what you can’t see, and that’s especially relevant in an industry where women still represent only around 27% of mortgage and finance brokers.”

Kafka is also direct about where the industry’s effort should go next. Asked what single step lenders, aggregators or associations should prioritise over the next year, she does not point to another awareness

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FROM THE SPONSOR

Natalie Smith General Manager ANZ Retail Broker

ANZ is proud to once again support MPA’s Elite Women report, recognising the outstanding women who are making a meaningful impact across Australia’s broking industry. These professionals continue to demonstrate exceptional leadership, expertise and dedication as they help customers achieve their homeownership and business goals.

The women featured in this report reflect the talent, resilience and diversity that strengthen the industry every day. ANZ is delighted to partner with MPA in celebrating their achievements and the positive impact they have on clients, colleagues and the broader community.

campaign. “It would be to make sponsorship, not just mentoring, a priority,” she says.

“Mentors provide advice. Sponsors actively create opportunities.”

Kafka’s argument is backed up by the Workplace Gender Equality Agency (WGEA), which found that sponsorship consistently produces stronger career outcomes than mentoring, while women are more likely to receive mentoring and men are more likely to receive sponsorship, a pattern the agency says can be reversed only by organisations deliberately extending sponsorship to women.

The 77 women profiled in this report are, in one sense, the answer to that call already in motion: brokers, brokerage owners, aggregator executives, lenders and association leaders who have built sponsorship, mentorship and visibility into their own operations well ahead of any industry mandate to do so.

Market context: why the gap is starting to close The reversal in the lack of visible female leaders is not only a focus for 2026’s Elite Women but also indicates the industry’s approach has started to shift.

Kafka, however, points to one area still

We remain committed to working closely with brokers, aggregators and industry partners to foster a more inclusive and supportive industry. By embracing diverse perspectives and encouraging greater representation, we can continue to drive innovation and deliver better outcomes for the customers and communities we serve.

It is a privilege to recognise and celebrate these inspiring women. Their leadership, expertise and commitment are helping shape the future of the broking industry, and we are proud to support their continued success.

worth attention regardless of improvement.

“The barriers today are often less about attracting women into the industry and more about supporting them through key career transitions, particularly into business ownership and senior leadership,” she says.

The pattern shows up well beyond broking, too. Women hold just 10% of CEO positions across the ASX 300 and 31% of executive leadership roles, according to the 2025 Chief Executive Women Senior Executive Census, while men continue to hold 80% of the CEO pipeline roles, such as chief operating officer, chief financial officer and group executive, from which most chief executives are eventually promoted.

The financial stakes behind that gap remain real, too. Financial and insurance services carry a gender pay gap midpoint of 21.4%, per the WGEA’s 2024–25 Employer Gender Pay Gaps Report, and separate research from HR platform HiBob found 35% of Australian women surveyed in 2026 say they are no longer interested in pursuing leadership roles at all. WGEA’s own 2025 Gender Equality Scorecard adds another data point behind that disillusionment, finding Australian women CEOs earn $83,493 less on average than their male counterparts in base salary.

That the perception gap is closing while the

METHODOLOGY In April of this year, MPA invited industry professionals from across the country to nominate exceptional female leaders for its Elite Women 2026 list. Nominees had to be working in a role that related to, interacted with or in some way impacted the industry and demonstrate a clear passion for their work.

Nominators were asked to describe the nominee’s standout professional achievements over the past 12 months, initiatives and innovations and contributions to the mortgage industry.

After a thorough review of all the nominations, the MPA team narrowed down the list to the final 77 Elite Women who have made their mark on the industry.

MPA’s Elite Women report is proudly sponsored by ANZ.

structural gap remains wide is not a contradiction. It suggests visibility is moving faster than the workplace mechanics that would sustain it. The women profiled in this report sit inside that gap between perception and structure, having built the ownership, seniority and

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026

PERCEPTION OF A LEADERSHIP GAP RETURNS TO 2023 LEVELS AFTER PEAKING IN 2025 Share of Elite Women respondents who say a lack of visible women leaders remains a problem Yes, there is a lack

No, there is not

100%

Peak: 91%

62% 50%

0%

38%

2023

2024

2025

2026

Source: MPA Elite Women reports 2023–26. Each year reflects respondents who answered this question, not the full winners’ list.

Fireside chat: “My young spotlighting MPA’s son often 2026 Elite Women says to me, ‘Mum, you never give up,’ and I hope Gabrielle Da Luz Managing Director/ that’s something Mortgage Broker, SCOOP Finance my team and my Fremantle, WA kids will always remember” The broker who helps clients achieve Gabrielle Da Luz, SCOOP Finance

influence the data says is still hard to reach.

MPA sat down with some of this year’s Elite Women, asking them to go beyond the achievements on paper. The conversations covered the moment they knew this industry would be their career, the hardest calls they’ve made in the past year, the wins they’re proudest of and the advice they’d give the next generation coming up behind them.

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more than they imagined Nearly a decade ago, Gabrielle Da Luz built SCOOP Finance from nothing. The business she leads today, alongside her sister and business partner Andrea Da Luz, who joined two years later, is still accelerating rather than coasting on tenure. So far in FY2026, it has exceeded the year prior by more than $25 million in settlements, with the second quarter coming in as its strongest quarter of settlements on record.

“We each bring different strengths, aren’t afraid to challenge each other and always support one another through life and busi-

ness,” Da Luz says. “The partnership and shared commitment to putting the business and our clients first is what has built SCOOP Finance to what it is today.”

What keeps her in the industry after nearly a decade is less about the numbers than what sits behind them. “I realised that I genuinely looked forward to solving the difficult lending scenarios and helping clients through some of life’s biggest milestones,” she says. “Every client has a different story, and I really enjoy being part of that journey. Seeing someone achieve something they never thought possible is incredibly rewarding, and knowing you helped make that happen is what makes this career so fulfilling.”

That momentum has drawn recognition beyond her own client base, with the SCOOP finance team receiving finalist award nominations at the 2025 SFG National Conference for Best Branded Office and WA/NT Broker of the Year, accolades that point to a dedicated team with a shared commitment to exceptional client outcomes and trusted brand standards, as much as loan volume. Da Luz has used that platform deliberately, recruiting new talent into the business and taking an active role in SFGEmpowher, the national network connecting women in finance.

Ask her what she’d want her team, or her own kids, to remember her for, and the answer has nothing to do with settlement figures. “I’d want them to remember my resilience,” she explains. “Life and business don’t always go to plan, but if you keep showing up, learn from the hard times and keep moving forward, you’ll get through it. When times are tough, I remind myself that tomorrow is a new day.”

Q&A with Gabrielle Da Luz Q: What’s the hardest professional decision you’ve made in the past 12 months, and what did it cost you to get it right?

A: Expanding further into commercial lending by growing this part of the team. It has meant investing a significant amount of time into training, processes and support

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before seeing an immediate return, but it will be the right decision for the long-term growth of the business.

GROWTH WITHOUT PROPORTIONAL LEADERSHIP Women’s representation across the broking workforce and ASX 300 leadership, 2025–26

Q: If a woman 10 years behind you in this industry asked you one thing before making a big career leap, what would you actually tell her, not the polished version?

A: You can do anything you set your mind to.

Don’t be afraid to ask the questions that feel silly, because that’s how you learn. Everyone starts out as a rookie, so keep learning and focus on becoming a little better every day.

Confidence comes from doing it, not waiting until you feel ready, so just back yourself and give it a go.

Q: What keeps you moving forward when things get hard?

A: My family has always been my biggest source of strength and support. They remind me of what’s important: to stay focused on what I can control and keep me moving forward. Stay positive, keep taking one small step at a time, and you’ll achieve more than you ever thought possible.

Tammie Rimon Mortgage Broker, 20/20 Finance Brokers Brisbane, Qld

The broker who got her start on the other side of a bad deal Long before Tammie Rimon owned a brokerage, she was the client sitting on the wrong end of a lending decision. Moving from Darwin to Queensland with her family, including three young children, the youngest just six months old, she and her husband found themselves between homes when their bank came back with a valuation that fell short and refused to lend the amount they needed.

With a week’s accommodation booked and nowhere to land, they were assisted

Women

Men

90%

73.2%

26.8%

69%

31%

10% Broking workforce

ASX 300 executive leadership

ASX 300 CEOs

Sources: MFAA Industry Intelligence Service, 19th edition (September 2024); Chief Executive Women 2025 Senior Executive Census

by a broker who stepped in and got them approved with a different lender within six weeks. “That person went to bat for us, and I really, really appreciated that,” she says.

“That had a big impression on me.”

It would be another four years before Rimon entered the industry herself, moving into banking in 2006 before making the leap into broking in 2015, where she built a relationship with a company connecting first home buyers, many of them the first generation in their family to ever own a home, with builders and land.

She worked with more than 100 of those clients over the years that followed. Many are still her clients today, some having gone on to upgrade their homes, buy investment properties or set up self-managed super fund transactions. “I just saw the difference it made in these people’s lives, and it was so rewarding,” she says. “It was a career for me, not a job.”

Over 10 years into running 20/20 Finance Brokers, Rimon has turned that instinct into a business philosophy, one built on consistency rather than shortcuts. It shows in how she has built the brokerage into a training ground for other women entering the

“The way you do anything is the way you do everything” Tammie Rimon, 20/20 Finance Brokers

industry, employing, guiding and mentoring several female brokers over the past decade and currently taking a new broker under her wing.

Rimon’s nMB Medallion Club status in each of the past two years reflects the production behind that culture, but it is the careers she has helped build alongside her own that set the business apart. She also points to broking’s flexibility as part of what makes that possible. “It’s an incredibly flexible career,” she says. “You can do it in and around having a family.”

Outside her own office, Rimon stays active across multiple women in business networks, using her standing in the industry to open

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026

FINANCIAL AND INSURANCE SERVICES SITS WELL ABOVE THE NATIONAL PAY GAP MID-POINT WGEA employer gender pay gap mid-point by industry, 2024–25

Financial and insurance services

21.4%

Construction

23.8%

Rental, hiring and real estate services

19.5%

Mining

18.9%

Utilities

18.9%

National mid-point

11.2%

Financial and insurance services is the sector most relevant to mortgage and finance broking

Source: Workplace Gender Equality Agency, Employer Gender Pay Gaps Report 2024–25

doors for others rather than advocate from the sidelines.

Asked how she would want to be remembered, she points to mentoring, helping her team build confidence and encouraging clients to create wealth through property and hoping her own children end up doing work they love. “If you work in a job that you love, you don’t work a day in your life,” she adds.

Q&A with Tammie Rimon Q: What’s the hardest professional decision you’ve made in the past 12 months, and what did it cost you to get it right?

A: Probably making the decision to purchase commercial premises and gut it for a completely new fit-out. It was a huge financial commitment but also a logistical nightmare because we were selling the property we’d traded from as a residential home and had to vacate it for renovations while still trading, and the new premises wasn’t ready yet.

We had about two and a half months with staff working from home and no meeting place for clients, so we went back to old school, meeting them in their homes. It cost more than I thought it would, and it was so stressful, but I’m really glad we did it. We love it here.

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Q: If a woman 10 years behind you in this industry asked you one thing before making a big career leap, what would you actually tell her, not the polished version?

A: Stop waiting until you’re ready. If you’ve got the drive and the support structures in place, you will work it out, and the learning you do while progressing through a new career is what builds resilient leaders. Just start. Dip your toe in the water and get going with it, because time waits for nobody.

Shelley McGinty

Managing Director, Preston Point Capital Brisbane, Qld

The broker who built a business on the belief that relationships outlast transactions Shelley McGinty doesn’t trace her career to a single defining moment. It was a gradual shift in how she saw the job itself. “Early in my career, I thought I was helping people just secure finance,” she says. “Then I realised the

“You take the leap first, and then you earn the confidence by figuring it out” Shelley McGinty, Preston Point Capital

loan was never the important part of it. It’s the person sitting across the table.”

Every application, she came to believe, represented something bigger than a transaction – a first home, a growing family, a business opportunity or a retirement plan.

“Success was never about the settlements,” she says. “It became about the impact that could have on someone’s life.”

That belief led McGinty to establish Preston Point Capital in July 2019, just seven months before the pandemic reshaped the lending landscape. She found that the disruption, rather than causing a setback, created room for brokers to prove their value. “Clients needed an ally; they needed help more than ever, and the banks just turned on them, bringing out different policies,” she says.

“That’s really where brokers got to shine.”

Seven years on, Preston Point Capital has built its name on a specialisation that sets McGinty apart from the broader broking field, working across complex investor and SMSF lending while also structuring finance for professional athletes whose circumstances rarely fit standard criteria, work she keeps deliberately private on her clients’ behalf.

That technical range sits alongside a team culture built around thoroughness over speed, an approach she reinforced this year with the decision to acquire a second mortgage brokerage.

Rather than moving quickly, she spent

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A MIXED PICTURE ON EQUITY IN 2026 Findings from this year’s reflection questions

62%

87%

31%

“Talent opens doors, but trusted relationships help you walk through them” Belinda Wright, Thinktank Property Finance

Say there’s still a lack of visible women leaders for younger women to follow

Say their firm has equal pay policies in place

Feel they would have achieved more in seniority if not female

Source: MPA Elite Women 2026 nomination survey

months in due diligence with lawyers, compliance specialists, her aggregator and trusted mentors, determined to protect the culture and client experience she had spent seven years building. “It cost time, momentum and a few sleepless nights,” she says. “But it reinforced an important lesson: growth isn’t measured by how quickly you expand.”

Reflecting on the legacy she hopes to leave, McGinty says, “I want our clients to remember that they felt heard, supported and genuinely cared for. I want my team to remember that they were trusted, challenged and encouraged to grow into leaders themselves.”

Q&A with Shelley McGinty Q: What’s the one thing you’d tell a woman 10 years behind you in this industry before she makes a big career leap?

A: Stop waiting to feel ready, because the truth is you probably never will. There’s no perfect moment, and I think women believe confidence comes first. In my experience, it happens the other way around.

Q: What do you protect most as your business has grown?

A: Reputation. People become their repu-

tation, and it’s one of those things worth protecting. If I’ve built a business where relationships matter, integrity comes first, and people leave feeling better than when they walked through the door, then that’s a legacy I’m proud of.

Belinda Wright

General Manager, Sales, Thinktank Property Finance North Sydney, NSW The GM who wants to be remembered for how she showed up More than 25 years across Westpac, ANZ, RAMS and the non-bank sector sit behind the national sales and distribution overhaul Belinda Wright led at Thinktank Property Finance this past year.

She unified strategy across commercial and residential channels while rolling out simplified commercial application forms and stronger serviceability tools that have measurably sped up broker turnaround times. The results show in the numbers, with record settlement and application volumes

and deepened aggregator partnerships across the country.

That focus on solving problems traces back to how Wright came to see the industry in the first place. “The more time I spent working with brokers and customers, the more I enjoyed solving problems and helping people achieve outcomes they didn’t think were possible,” she says. “I also discovered how much I valued the relationships. That’s probably when it stopped being just a job and became a career I genuinely wanted to build.”

The hardest decisions behind this year’s transformation came down to patience.

“One of the biggest challenges has been making decisions that prioritise longterm outcomes over short-term wins,” she says. “Sometimes that means saying no to opportunities that don’t align with where we’re heading or investing time in change that’s uncomfortable before the benefits are visible. It costs time, patience and occasionally difficult conversations, but they’re the decisions that ultimately build stronger teams and better outcomes.”

Wright has been placed on MPA’s Global 100 list in consecutive years and was named to MPA’s Elite Women in 2024, recognition built on more than internal performance.

She actively mentors emerging finance professionals and pushes for pathways that let women build sustainable, high-income

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026

MENTORING STANDS OUT AS THE DEFINING THEME OF 2026 Recurring themes coded across open-text survey responses

Mentoring or developing other women

73%

Proving credibility repeatedly

67%

Visibility or representation gap

62%

Empathy or EQ named as core strength

44%

Balancing motherhood or family responsibilities

40%

Resilience named as core strength

22%

Imposter syndrome or self-doubt named

16% 7%

Sponsorship named distinct from mentorship

Source: MPA Elite Women 2026 nomination survey, manual thematic coding. Themes not mutually exclusive.

broking businesses, a focus that shows in how visibly Thinktank’s female talent is supported and connected across the industry.

When she considers what her industry impact is, she doesn’t reach for the sales overhaul or record volumes. “I’d hope it would be the way I showed up rather than any particular achievement,” she says. “If my team felt supported, were challenged to grow and knew I backed them, I’d be incredibly proud of that.”

Q&A with Belinda Wright Q: If a woman 10 years behind you in this industry asked you one thing before making a big career leap, what would you tell her?

A: You’ll probably never feel completely ready, so don’t wait for that feeling. Back yourself before you think you’ve earned the right to.

Ask questions, take opportunities that stretch you, and don’t be afraid to make mistakes, because that’s where the learning happens.

Most importantly, build relationships with

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people who genuinely want to see you succeed.

Q: What would it mean to you if your daughter saw the way you’ve built your career?

A: If she saw that you can work hard, stay true to your values and still make time for the people who matter, I’d consider that a success.

Vanessa Lewis

Senior Finance Strategist and Credit Manager, Investorus Pimpama, Qld

The broker who protects her wellbeing as fiercely as her business Vanessa Lewis found mortgage broking almost by accident after moving to Australia in the final stretch of an MBA. An undergraduate degree in banking and

“The only leap you’ll regret is the one you never take” Vanessa Lewis, Investorus

insurance had already taken her into a first role at BNP Paribas based in India, giving her a foundation in finance and a growing interest in helping people make informed financial decisions.

“Towards the completion of my degree, I discovered my true passion for mortgage broking,” she says. “I recognised the significant impact that tailored lending solutions can have on individuals and families looking to build wealth through property ownership.”

Lewis joined Investorus on the Gold Coast, working her way up through support roles before earning her own accreditations.

That grounding shows in her production numbers over the past year, climbing from $1.5 million in lodgements in February 2025 to $19 million in March 2026, with a peak of $20 million in October 2025, achieved while sharing support staff with another broker instead of running a large team behind her.

But the growth nearly came at a cost. “As demand increased, I found myself working longer hours, taking client calls after hours and sacrificing time with my family and my own health to keep up,” she says.

Lewis made the call to put stronger boundaries around her schedule and invest in systems that improved efficiency, accepting that growth might slow in the short term. “The cost of getting it right was immediate,” she explains.

“I gave up some potential revenue and worked through the challenge of changing client expectations. The outcome has been worth it.”

That client-first approach, favouring explanation over a flat yes or no and walking clients through pathways, has built a strong base

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Where women’s brokerage leadership goes from here

NSW AND VICTORIA ACCOUNT FOR MOST OF THE 2026 ELITE WOMEN Winners by state, broken down by business type

Independent brokerage

Aggregator or broker network

Bank or major lender

Non-bank lender

Industry body

Broker support or fintech service

NSW

26

Vic

21

Qld

12

WA

12

SA

4

Tas

2

Source: MPA Elite Women 2026 nomination data. States ordered by total number of winners.

of repeat business and earned her this year’s Bankwest Superior Client Service Award, a recognition she rarely puts herself forward for.

Describing her recent success, Lewis points to a Broker Finalist of the Year nomination achieved with a small support team.

“If my kids remember anything, I hope it’s that success isn’t measured solely by awards,” she says. “It’s measured by the impact you have on others, the way you treat people, and the resilience you show when pursuing something important.”

Q&A with Vanessa Lewis Q: If a woman 10 years behind you in this industry asked you one thing before making a big career leap, what would you tell her?

A: Don’t wait until you feel ready. Most of

the opportunities that changed my career came before I felt fully prepared for them.

Some days you’ll feel like you’re doing all of it well, and other days you’ll feel like you’re falling short everywhere. That’s normal. Protect your health, set boundaries early and don’t wear burnout as a badge of honour.

Q: What’s one piece of advice you’d give about comparing yourself to other people in this industry?

A: I’d tell her to stop comparing her chapter one to someone else’s chapter 20. Focus on building trust, doing the right thing by your clients and staying true to your values.

Reputation compounds over time in this industry far more than quick wins ever will.

If the broker channel’s growth trajectory holds, from 55.3% market share in 2018 to a record 81% in the March 2026 quarter, the industry these women are leading in will keep expanding faster than almost anywhere else in Australian finance. The open question is whether female representation expands with it or continues bobbing around 27%.

Kafka points to sponsorship – not mentorship – as the lever most likely to move that number over the next 12–24 months, citing the MFAA’s Women in Finance Broking initiative and international models such as She Means Business as examples worth building on locally.

For winners like McGinty and Wright, already building specialist lending practices, national distribution roles and rapid-growth broking businesses, respectively, that shift would mean less time proving a business case and more time being actively placed into the senior roles their track records already support.

Industry expert Q&A Melanie Kafka, Executive, Member Experience and Partnerships, MFAA Melanie Kafka took on her current role in 2023 and has been a respected member of the mortgage and finance broking community for more than 25 years, recognised as a leader across the third-party broking industry with extensive experience in both aggregation and lending. Before joining the MFAA, she held senior roles including regional manager NSW/ACT at MyState Bank, head of northern region at aggregator PLAN Australia, and national manager and head of broker distribution at NAB.

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026 Q: Women are joining the mortgage industry in growing numbers, but multiple industry reports point to retention and progression into senior roles as bigger sticking points. Why do you think that gap persists?

A: It’s encouraging that we’re attracting more women into the profession, but we also need to ensure we’re creating clear pathways for long-term careers and leadership.

Many women build highly successful broking businesses while balancing family responsibilities, business ownership and leadership, and sometimes progression doesn’t follow a traditional corporate path, so we need to think more broadly about what leadership looks like. Representation matters.

When women can see others succeeding in senior roles, it reinforces that those opportunities are achievable.

A: Australia has made strong progress, and we’re seeing more women leading successful mortgage and finance broking businesses, executive teams and industry organisations than ever before.

One of Australia’s strengths is the entrepreneurial nature of the broker channel.

Many women have built thriving businesses and created leadership opportunities on their own terms. Internationally, there are some excellent examples of structured sponsorship programs and leadership pipelines that deliberately prepare women for executive and board roles, and programs like She Means Business have reinforced that industry-specific solutions work best.

Ultimately, the goal isn’t simply greater representation. It’s ensuring the industry benefits from the broadest possible range of perspectives, experiences and ideas.

Q: Which specific programs or policies are making a measurable difference for women right now, and which feel more symbolic than effective?

A: The initiatives making the biggest difference are the ones that create lasting capability rather than one-off moments. At the MFAA, we’ve been investing in our Women in Finance event series for the past four to five years, with a consistent focus on increasing the participation of women in mortgage and finance broking, supporting retention and career progression, showcasing role models, building strong peer networks and fostering more inclusive businesses.

Recognition programs like MPA’s Elite Women are equally important because they celebrate success and create visible role models for the next generation. The real measure of success isn’t how many events we hold. It’s whether more women are progressing into leadership, growing successful businesses and influencing the future of the industry.

Q: Beyond sponsorship, what else needs to happen in the next 12 months to open more senior opportunities for women?

A: We need to continue investing in leadership programs that support women at the career stages where they’re most likely to leave or hesitate before taking the next step. Evidence shows retention at these critical transition points delivers better long-term outcomes than focusing solely on recruitment.

The MFAA is committed to this through initiatives such as Women in Finance Broking, which continues to create opportunities for connection, leadership development and visibility across the profession.

There is no shortage of talented women in our industry. The opportunity now is to ensure they’re being seen, supported and given every chance to lead.

Q: How does Australia’s female leadership pipeline in mortgages compare with other markets, and is there anything worth borrowing from overseas?

What connects this year’s Elite Women is not a single career path but a shared willingness to build the pathway not only for themselves, but for others to follow.

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What the 2026 Elite Women have in common

For example, Rimon and Da Luz have sustained brokerages for almost a combined two decades while actively bringing other women through behind them. McGinty paired technical specialisation with community leadership. Wright rebuilt national distribution while mentoring emerging finance professionals. Their attitude may be the clearest answer to this year’s data. These women are at the leading edge of a reformation of the industry, as now the perception gap has started to shift, regardless of whether the workforce and leadership numbers underneath it are not moving nearly as fast.

That is why the example laid down by 2026’s Elite Women is about creating opportunity rather than waiting for it and looks like remaining the most reliable route for future generations of female success.

Quite simply, they are passing the Elite Women baton on to the next generation, even if the industry as a whole doesn’t come with them at the same speed.

Not only are this year’s honourees outstanding professionals but also changemakers on course to permanently alter the industry. There can be no higher impact than that.

INSIGHTS As part of our editorial process, MPA’s researchers interviewed the subject matter expert below for an independent analysis of this report and its findings.

Melanie Kafka Executive, Member Experience and Partnerships MFAA

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2026 Belinda Wright General Manager, Sales Thinktank Property Finance

Jordan Chantry Founder/Principal Broker MVM Finance Group

Tameeka Lynch Director and Finance Broker Ruby Sky Finance

Phone: 0452 616 915 Email: bwright@thinktank.au Website: thinktank.au

Phone: 0419 587 600 Email: jordan@mvmfg.com.au Website: mvmfg.com.au

Phone: 0417 627 538 Email: team@rubyskyfinance.com.au Website: rubyskyfinance.com.au

Gabrielle Da Luz Managing Director/Mortgage Broker SCOOP Finance

Maddie Walton Director and Mortgage Broker Money Lounge

Abby Freund Settlements and Portfolio Manager Focus Finance

Phone: 08 9432 7500 Email: gab@scoopfinancewa.com.au Website: scoopfinancewa.com.au

Phone: 0415 922 777 Email: maddie@moneylounge.com.au Website: moneylounge.com.au

Andrea McNaughton Managing Director Loan Market Razor/Brokerlution

Shelley McGinty Managing Director Preston Point Capital

Mary Yannopoulos Director/Broker Skybridge Capital

Phone: 0474 722 722 Email: shelley@prestonpointcapital.com.au Website: prestonpointcapital.com.au

Phone: 0428 829 898 Email: info@skybridgecapital.com.au Website: skybridgecapital.com.au

Tammie Rimon Mortgage Broker 20/20 Finance Brokers

Michelle Bannister Director – Head of Distribution La Trobe Financial

Phone: 0403 296 221 Email: tammie@2020co.com.au Website: 2020finance.com.au

Website: latrobefinancial.com.au

Vanessa Lewis Senior Finance Strategist and Credit Manager Investorus

Minh Beaver Director/Senior Finance Broker Evolve Money

Phone: 0483 902 873 Email: info@investorus.com.au Website: investorus.com.au

Phone: 0412 591 428 Email: minh@evolvemoney.com.au Website: evolvemoney.com.au

Andrea Svenson Director and Finance Broker Empire Finance Co.

Noushig Megerditchian Head of Sales (Northern Region) Finsure

Phone: 0428 927 281 Email: andrea@empirefinanceco.com.au Website: empirefinanceco.com.au

Website: finsure.com.au

Fatima Dib Head of Business Innovation Finsure

Sarah Chambers Mortgage Broker LENDABLE

Angela Tracey Chief Marketing Officer Loan Market Anja Pannek Chief Executive Officer MFAA Anne-Marie Deieso Associate Director LMG Ann-Maree Lockett Marketing and Events SFG Ashlee Sillay Mortgage Broker Focus Finance Astha Shrestha Mortgage Operations Manager Home Loan Experts Caroline Jean-Baptiste Finance Strategist and Director Mortgage Choice Fortitude Valley, Ashgrove and Surrounds Caroline Mundey Founder and Mortgage Broker TEVEY Loans

Website: finsure.com.au

Phone: 0487 724 748 Email: sarah@lendable.com.au Website: lendable.com.au

Catherine McFarlane Founder and Director Simplify Processing

Gemma Piscioneri Director and Mortgage Broker G&T Finance

Suzanne Wood Head of Home Lending, Victoria/Tasmania Westpac

Danielle Ridley Director Mortgage Finesse

Phone: 0424 173 442 Email: gemma@gandtfinance.com.au Website: gandtfinance.com.au

Phone: 0466 423 769 Email: suzanne.wood@westpac.com.au Website: westpac.com.au

Debra Benn Head of Corporate Governance outsource Financial

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SPECIAL REPORT BUSINESS STRATEGY

ELITE WOMEN 2026 2026 Deslie Taylor Owner/Manager Mortgage Choice in Ormeau and Yarrabilba Donna Campbell Owner/Manager Mortgage Choice (South Morang) Helen Avis Founder and Director Specialist Mortgage Isabella Constantinou Sales Director Simplicity Loans and Advisory Jaclyn Walsh Senior Finance Broker Zella Money Jaime Savory Director and Mortgage Broker Gippsland Finance Solutions Janine Leafe Director Fluoro Finance Janine Wade Director/Chief Executive Officer Ikaya Jennifer Klippel Director/Senior Mortgage Broker The Broker Insight Jinal Doshi Senior Broker – Finance Rogerson Kenny Finance Joanna James Chief Development Officer Finance Brokers Association of Australasia (FBAA) Justine Harris Mortgage Broker Nectar Mortgages Katherine Persoglia Founder The Brokers’ Bible Kiran Sood Director Deals4Loans Kirsty McKinnon Director/Finance Specialist Flair Finance Kristie Gould Owner/Manager Mortgage Choice Warners Bay Kristy Wyatt Senior Education Lead ANZ

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Kylie Quenon Principal GO Mortgage

Sandy Kelso Director Kelso Finance Mortgage Brokers

Louisa Sanghera Founder and Principal Broker Zippy Financial

Sarah Fallon Director, Finance Strategist and Property Lending Specialist On Point Finance

Matina Howes Director, Mortgage and Finance Advisor Amara Mortgage Brokers Melanie Smith Franchisee and Mortgage Broker Aussie Windsor Melissa Gielnik Managing Director and Senior Mortgage Broker Smart Lending Melissa Procajlo Senior Broker and Director Pro Good Finance Natalie Pearson Director and Finance Broker Fintegra Lending Solutions Nicole Williams Director/Mortgage Broker/Finance Legend For Finance Sake Rachael McKenzie Operations Manager Loan Gallery Finance Rachel Farrell Managing Director Bloom Capital

Sarah Farrugia Director/Head Finance Broker SAF Finance Sarah Madigan State Manager, WA/Qld/SA/NT Ubank Sarah Molnar Head of Capability ORDE Financial Sarah Willsallen Head of Broker Distribution Westpac Stacey Dragicevich State Manager Oxygen Home Loans Stephanie Coleman Operations Manager Unconditional Finance Stephanie Thomas Owner and Senior Finance Broker Loan Market Ignite Suzi Trajanovski National Director, Growth LMG

Rhianna Farnan Chief Operating Officer Derwent Finance

Tamara Scutcheon Senior Mortgage Broker Botanica Finance

Rose De Rossi Director/Finance Broker Diversifi

Tanya Sale Chief Executive Officer outsource Financial

Rushmi Shrestha General Manager Flint

Tara Rockett Finance Broker Rockett Finance Solutions

Sally Nathan State Partnership Manager – Retail Broker ANZ

Tina Clark Chief Executive Officer/Director Auscorp Finance

Sam Neville Director/Broker I Am Lending

Vee R-Byrne Director Lifestyle-V Finance

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FEATURES

SECTOR FOCUS: BRIDGING

Bridging the brewing buyer’s market Cheaper, faster and more flexible than a decade ago, bridging finance is coming into its own, just as the market demands it

AUSTRALIA’S HOUSING market has turned a corner. Cotality’s Home Value Index for July 2026 recorded the steepest monthly national decline in more than two-and-a-half years, with Sydney leading the fall in what was the market’s third straight monthly retreat.

For homeowners used to a decade of near-uninterrupted growth, that shift is

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forcing a rethink of how they buy and sell.

Enter bridging finance, which, once considered a niche, last-resort product, is increasingly the tool brokers are reaching for to help clients navigate an emerging buyers’ market.

A cooling market In a market where properties are sitting unsold for longer, bridging finance allows a

homeowner to purchase their next property before selling their existing one, using the equity in their current home to bridge the gap between the two transactions.

That flexibility is becoming more valuable, not less. James Green, founder and chief executive of new-to-market bridging finance specialist Clinch, reckons the reversal from 2025’s strong conditions is opening a genuine

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opportunity for brokers to reposition bridging finance as a strategic tool rather than a stopgap.

“Rather than feeling pressured to sell first, borrowers can use bridging finance to secure their next property while taking advantage of increased choice and potentially discounted purchase prices,” says Green. “If

bridging as a strategic liquidity tool that allows borrowers to unlock equity and act when opportunities arise,” he explains. “That might mean securing a property in a competitive market, completing renovations before sale, or managing major life events without being forced into rushed decisions. The key benefit isn’t just convenience; it’s control.”

“A softer market doesn’t mean borrowers should panic. Bridging finance gives homeowners the flexibility to buy with confidence today and sell when the timing is right” James Green, Clinch buyers believe the current market presents value, bridging finance allows them to buy now at a discount and sell later, rather than trying to perfectly time both transactions.”

Chris Meaker, head of sales and distribution at Brighten, notes that vendors are feeling the same pressure from the other side of the transaction. “In a buyer’s market, properties often take longer to sell, and vendors can face increased pressure on pricing,” says Meaker.

Bridging finance can remove that pressure. Meaker continues, “It allows borrowers to secure their next property first and take a more measured approach to selling their existing home, rather than accepting the first offer that comes along. In changing market conditions, having additional time and flexibility can be a significant advantage.”

The timing advantage is not lost on Green.

“A softer market doesn’t mean borrowers should panic,” he says. “Bridging finance gives homeowners the flexibility to buy with confidence today and sell when the timing is right.”

Meaker goes a step further, describing bridging as far more than a simple buybefore-you-sell fix. “We increasingly see

Transport-hub density plans open a new pipeline Beyond current market conditions, structural change is also creating opportunities for

bridging finance. The New South Wales Government’s Transport Oriented Development program, which has now finalised planning controls across 35 of 37 identified precincts, is on track to unlock more than 31,000 new homes near metro and train stations, with almost 18,000 already in the planning system and roughly 10% approved.

The program allows higher-density apartments, townhouses and shop-top housing within a short walk of rail and metro stations across Sydney, Newcastle and the Illawarra.

Green believes this pipeline of new, welllocated stock is likely to become a meaningful source of bridging demand.

“The NSW Government’s push to increase housing density around transport hubs will create a larger pipeline of new apartments, townhouses and downsizer-friendly housing in well-connected locations,” he says.

“For older homeowners, this can unlock practical opportunities to move from larger family homes into lower-maintenance prop-

A NATIONAL PRICE CORRECTION UNFOLDS Quarterly change in residential home values, July 2026 Darwin +2.4%

NATIONAL -1.9%

Brisbane -0.6% Perth -0.3% Adelaide +0.1% Melbourne -3.4%

Sydney -4% Canberra -2.1% Hobart +1.4% Source: Cotality Home Value Index, July 2026

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FEATURES

SECTOR FOCUS: BRIDGING

erties close to transport, health services and amenities.”

At Brighten, Meaker is already seeing the effect play out. “We’re seeing situations where homeowners are looking to secure a newly completed apartment or townhouse before their existing property has settled, while others may be selling established homes in areas undergoing rezoning or redevelopment,” he says.

“As urban renewal projects continue to reshape key metropolitan corridors, we expect demand for flexible short-term funding solutions to increase alongside them.”

The timing mismatch between securing

NSW’S TRANSPORT-ORIENTED DEVELOPMENT PIPELINE Program progress and housing pipeline as of Feb 2026

Planning controls finalised in 35 of 37 identified precincts

More than 31,000 new homes unlocked near metro and train stations

Almost 18,000 homes already in the planning system, with around 10% approved Source: NSW Government, February 2026

“We increasingly see bridging as a strategic liquidity tool that allows borrowers to unlock equity and act when opportunities arise” Chris Meaker, Brighten one of these new-build opportunities and selling an existing property is exactly the gap bridging finance is designed to close. “As urban consolidation occurs, bridging finance will play an increasingly important role in helping homeowners transition into the next generation of housing,” says Green.

The affordability question One of the biggest barriers to broader adoption of bridging finance has historically been price. But experts say that reputation is now out of step with the market.

“Bridging finance has changed significantly over the past decade,” Green explains.

“Historically, it was often viewed as a product of last resort, with interest rates commonly exceeding 15% per annum, strict credit criteria and limited competition.”

That’s shifted as more specialist and nonbank lenders have entered the market.

“Increased competition and specialist lenders have driven rates down to around 8% to 9%

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per annum for many borrowers, while product innovation has made bridging finance considerably more accessible,” says Green.

Meaker agrees the product still carries a premium but notes that the conversation around it has matured. “Today’s borrowers are increasingly focused on value rather than simply headline rates,” he says.

For brokers, Meaker believes the most effective approach is to frame the cost within the broader transaction. “If the product allows a client to secure a desired property, avoid temporary accommodation costs, reduce moving expenses or achieve a better sale outcome, those benefits need to be considered alongside the cost of the facility.”

Stressing that point, Green adds, “Rather than asking, ‘What does it cost?’, brokers should help clients consider, ‘What is the cost of not having this option?’”

Ignore at your peril Between a softening market, a growing pipe-

line of transport-linked housing stock and repricing across the bridging sector, the conditions for the product’s next phase of growth appear to be aligning.

Clinch’s launch and Brighten’s expanded single-security Brighten Connect loan offering reflect a broader trend of lenders sharpening their bridging products, and both companies expect the product to keep moving further into the mainstream.

“The future of bridging isn’t just about helping people buy before they sell,” Green says. “It’s about empowering Australians to make better property decisions by giving them greater flexibility over how, when and why they move.”

Meaker agrees, predicting brokers will start raising bridging earlier in client conversations rather than reaching for it only once a timing problem emerges.

“Traditionally, bridging has often been considered only when a client encountered a specific problem,” says Meaker.

“Going forward, I think we’ll see brokers proactively discussing bridging as part of strategic property planning much earlier in the customer conversation. The result will be a broader understanding of bridging finance, not as a last resort but as a practical and strategic solution that helps borrowers move forward with confidence.”

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FEATURES

A BROKING RETROSPECTIVE

Australian mortgage broking: a retrospective As MPA turns 25, the brokers, lenders and aggregators who shaped the industry’s remarkable rise share their stories

BEFORE MORTGAGE broking existed in Australia, the banking system Peter White entered as a young man barely resembled the industry we recognise today.

Australian banking operated under strict government-imposed interest rate ceilings and lending controls, which meant credit itself was rationed rather than competed for.

Getting a mortgage wasn’t a matter of shopping around for the best deal, because there was effectively nowhere else to shop – you queued at your local branch and hoped the allpowerful branch manager, who held enormous personal discretion over who did and didn’t get a loan, thought well of you.

There was widespread acceptance in the

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“All of a sudden, this little sector called mortgage broking stepped up and said, ‘We’ll fill the gap’” Peter White, FBAA community that bank credit was difficult to come by, for all but the safest borrowers.

Even as the banking sector began to open up to foreign competition through the ‘80s, home loans were processed on paper ledgers, passbooks recorded savings by hand, and a customer’s entire financial history often lived in a single manila folder inside a filing cabinet at their nearest branch.

“The bank was very much a dictatorship,”

White, now the outgoing chief executive of the FBAA, recalls of his start nearly 48 years ago.

“You know, do as I say, and if you want this loan, then dance to this tune.”

But things began to change in the early-tomid 1990s, when banks decided to cut costs by shutting branches across the country.

“All of a sudden, this little sector called mortgage broking stepped up and said, ‘We’ll fill the gap,’” White says. As the industry

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steadily grew in size and legitimacy, more brokers piled into the field, lured by a handsome commission structure that rewarded putting clients’ best interests first.

While most of these trailblazing brokers were consummate professionals, unfortunately the space also attracted a few “cowboys” – bad actors hunting for “the weakest link in the chain” across a patchwork of state rules. That reputation, and the negative press it generated, forced the industry to get its ship in order.

What became the National Consumer Credit Protection Act started life aimed squarely at brokers alone. White was among a handful who pushed back, arguing lenders needed to answer to the same rules. “That’s not fair,” White told Treasury. “It’s got to encompass the lenders as well.”

When the measure is considered alongside the best interests duty introduced a decade and a half later, White is unequivocal about what it did for the industry. “Those were the best things that happened to the industry.

Tidied the loose ends up, got rid of some cowboys, put better frameworks around things – and our market share just continued to grow and grow and grow. You can’t say it was bad.”

Fast forward to 2026 and brokers now write more than 80% of new residential home loans in Australia today, up from a single-digit share when White first watched the industry take shape.

That number alone says more than a thousand words can, although for Anja Pannek, chief executive of the MFAA, the story of the past 25 years isn’t just about a number.

“Mortgage broking has gone from a challenger distribution channel to a critical part of how Australians access financial services – and it has fundamentally reshaped the lending market in the process,” she says. “We went from an institutional-led market to a consumer choice-led market. That’s a profound shift.”

Australia now has what Pannek describes as probably one of the most digitised home lending ecosystems globally – brokers went from faxing paper applications to operating on

platforms that process loans at scale. Yet the more remarkable thing, she argues, is that in a world of more information and faster technology, consumers still overwhelmingly choose to work with a broker.

Pannek points to the Hayne Royal Commission as the industry’s toughest test – and, in hindsight, its proudest vindication. “I remember receiving the first version of that report,” she says, “and it was just all of us staring into the risk that broker remuneration would fundamentally change.” The lens of the original recommendations – improving consumer protections – was welcome, but the proposed mechanism threatened to gut competition across the entire lending market.

Rather than retreating, the industry pushed back with evidence, not sentiment, through

starkly: only a mortgage broker can act in their client’s best interests. No lender can.

“For a broker to be able to say, ‘I’m bound by law to act in your best interests’ – that’s an incredibly powerful thing to offer a client,” she says. It’s also why roughly three-quarters of brokers now get new business through referrals from existing clients, family or friends – proof that trust, once earned the hard way, compounds.

As MPA celebrates its 25th year in circulation with a retrospective on the Australian mortgage broking industry, it’s evident that the relationships that govern it have matured well beyond their cowboy-era beginnings.

What began as reluctant coexistence between broker and bank has settled into genuine interdependence – banks investing

“Mortgage broking has gone from a challenger distribution channel to a critical part of how Australians access financial services – and it has fundamentally reshaped the lending market in the process” Anja Pannek, MFAA campaigns like “Broker Behind You” and “Don’t Kill Competition.” The argument, as Pannek frames it, was never about dodging scrutiny. “It was about ensuring competition remained in the market.”

Most of the Royal Commission’s reforms were voluntarily adopted by the industry itself before they were even legislated. The BID that followed didn’t feel like an imposition to brokers already doing the job properly – it felt like recognition.

“Mortgage brokers have believed for a very long time they already act in the client’s best interests,” Pannek says. “In many ways it felt like a codification of what was already in the DNA of the industry.”

What it also did was clarify something that had always been true but rarely stated so

in BDMs and broker portals, brokers operating under regulatory guardrails that let lenders hand over origination at scale with confidence. Neither side can really do without the other anymore.

For Pannek, the road ahead runs through the same principle that got the industry here.

“Trust is the absolute foundation of our industry,” she says. “Everything we do to move the industry forward has to be looked at through that lens. We have more information than ever, home lending is highly digitised, yet we see more people wanting to work with brokers.

“Because this industry isn’t about a transaction. It’s about empathy, understanding, guidance – the value created through human interaction.”

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FEATURES

A BROKING RETROSPECTIVE

How non-banks earned their seat at the table Pepper Money’s Mario Rehayem and brokers discuss non-bank lending’s rise from last resort to trusted partner

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TWENTY-FIVE years ago, when a little publication called MPA released its first issue, non-bank lenders occupied a very different position in the lending landscape.

Often viewed as a last resort for borrowers with complex circumstances, they were rarely the first option brokers considered. It was like the mortgage industry’s equivalent of calling a locksmith at midnight: you didn’t do it because you wanted to; you did it because you had no other choice. Bad credit, tax debt, a selfemployed client the majors wouldn’t touch – that’s who ended up at a non-bank’s door.

Over the past quarter century, however, both the broking profession and the non-bank sector have undergone a remarkable transformation, and few have watched it quite as closely as Mario Rehayem (pictured, left).

A 25-year industry veteran and Pepper Money’s chief executive for the past nine, he’s had a front-row seat to the non-bank sector’s steady rise – and to the broking relationships that made it possible.

Looking back on the non-bank industry’s relationship with brokers, Rehayem calls brokers “the flagbearers of the business” – the ones who positioned the fledgling sector as a viable option, not a last resort.

“Most non-banks, back then, weren’t a household name or a household brand,” Rehayem says. “So, who else was going to establish that brand in front of a borrower? It was going to be the brokers.”

And without a shopfront of their own, brokers didn’t just refer business to nonbanks; they effectively were the business.

It wasn’t just a case of one side servicing the other either. Broker and non-bank lender had to build trust simultaneously, forging something that looked less like a vendor relationship and more like a joint venture.

“We’ve suffered the highs and the lows together. We’re in it together,” Rehayem says.

But you don’t need to take his word for it.

From the mouths of mortgage brokers Mortgage broking stalwart, inaugural Broker of the Year and inaugural MPA Top 100 #1

THE NON-BANK LEADER Name: Mario Rehayem Role: Chief executive officer, Pepper Money Joined Pepper Money: 2011 Appointed CEO: 2017 Industry experience: Over 20 years Notable position: Chair, Australian Finance Industry Association

broker Katrina Rowlands has watched the entire arc from the other side of the desk.

“Of all the lenders in the industry, nonbank lenders have been at the forefront of dynamic evolution,” says Rowlands, whose brokerage, Mortgage Success, is still going strong after 29 years. “What was once seen as a lender of last resort is now a highly recognised necessary panel lender to any mortgage broking business.”

Asked what type of client she would happily

now not a barrier to entry for great clients to consider.”

Atelier Wealth founder and MPA Top 100 Broker Aaron Christie-David puts a number on how far non-banks have extended into the mainstream of his own business: they now make up between 30% and 45% of his loan book, trending towards the higher end during periods of elevated investor activity.

Christie-David believes Pepper Money, in particular, has earned that volume through product innovation and service quality that cut against the sector’s old reputation – pointing to top-notch onboarding processes and product breadth spanning asset finance, personal loans, residential, commercial and SMSF lending.

Christie-David also sees majors and nonbanks as two different personalities rather than two tiers of the same product.

“Non-banks ... almost thrive in the grey, whereas the majors are black and white,” he says. “Even second-tier lenders, it’s policy.

Whereas non-banks are like, ‘Hey, we’re open for business – give us some explanation; give us some context.’ ” Unconditional Finance founder and 2025 Broker of the Year – Residential winner Chris Raymond, who built his broking career after

“We always saw an investment in the broker channel as an investment in Pepper Money itself ” Mario Rehayem, Pepper Money suggest a non-bank option to today that she wouldn’t have 20 years ago, Rowlands doesn’t have to look very far.

“Myself! The options of non-bank product and choice and features can now appeal to very savvy and very successful and professional clients,” she says. “Years ago, it may have been thought to only offer the product suite and cost to ‘desperate’ or ‘difficult’ clients. Now, these solutions can be the best outcome for many situations and many varied clients. Rates, fees and charges are

the APRA-era shift Rehayem describes below, has nonetheless seen the perception of non-banks change significantly over the first decade of his career.

“We have seen the non-bank space mature as they invest in tech, bring competitive prime options to the table and niche down on policies that the major banks can’t compete with,” says Raymond.

Where an earlier generation of brokers had to be forced into a non-bank relationship, Raymond now considers one “from the

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FEATURES

A BROKING RETROSPECTIVE outset” for investors, complex income earners and the self-employed.

Raymond expects the line between banks and non-banks to become increasingly blurred.

“If I were interviewed in 20 years’ time, as a veteran, I suspect the view of non-bank lenders being an alternative lender will seem as outdated as dial-up internet,” he says. “They will simply be another established and trusted partner of the lending landscape, in line with the current first-tier lenders.”

abandoning their broker relationships – effectively laid the foundation that every nonbank in Australia still stands on today.

Having weathered the worst financial crisis in living memory while continuing to back the brokers who backed them, those few operators – Pepper Money among them – earned something the rest of the sector has been building on ever since: trust.

The next major turning point was smaller in scale, but no less influential.

“The options of non-bank product and choice and features can now appeal to very savvy and very successful and professional clients” Katrina Rowlands, Mortgage Success Ikaya founder Janine Wade agrees. “I think we’ll look back and wonder why we ever separated lenders into banks and non-banks,” she says. “Clients increasingly care about outcomes, speed, flexibility and service, not the institution’s funding model. As technology advances and lending becomes more data driven, I expect non-bank lenders will continue to innovate and capture greater market share by responding more quickly to changing customer needs.”

Wade’s view of the non-bank sector has shifted markedly over her 13 years of mortgage broking in Australia (following 10 in the UK). She says, “Today, non-bank lenders are an essential part of my lending toolkit. As my client base has grown, especially with experienced property investors, self-employed business owners and clients building complex portfolios, I’ve found that non-bank lenders often provide solutions that simply aren’t available through the major banks.”

Times of change Rehayem recalls the global financial crisis (GFC) as a true stress test for the non-bank sector. The handful of brands that stayed in operation right through the period – without

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“One of the pivotal moments was when APRA stepped in and clamped down on the banks around investment and interest-only lending,” Rehayem recalls.

The finance industry had only just regained post-GFC momentum when the major banks were abruptly forced into tightening their lending criteria, leaving brokers with fewer options. Non-banks were only too happy to fill the gap.

“There was a significant number of brokers who had never used non-banks before that were forced to – or lose the business,” Rehayem recalls.

The numbers speak for themselves: Pepper Money’s broker utilisation – the number of brokers writing at least one Pepper Money loan in a 12-month period – hit a record, growing by up to 300%.

As MPA marks its 25th year, the evolution of non-bank lending mirrors the evolution of mortgage broking itself. Through thick and thin, a quarter-century of steady advocacy, product innovation, and standing by brokers through hard times has truly turned a last resort into a first call, and a fringe distribution channel into something closer to a genuine partnership.

THE BROKERS

Aaron Christie-David Founder, Atelier Wealth

Katrina Rowlands Founder, Mortgage Success

Chris Raymond Founder, Unconditional Finance

Janine Wade Founder, Ikaya

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FEATURES

A BROKING RETROSPECTIVE

Built through brokers, not branches How ING built its entire home loan business by treating brokers not as a channel, but as the front door

SINCE LAUNCHING in Australia in 1999 as the country’s first branchless direct bank, ING has built one of the nation’s largest home loan books without a highstreet presence.

But that hasn’t stopped the Dutch multinational from becoming a powerhouse in mortgage lending. In fact, it cemented its spot as Australia’s sixth-largest mortgage lender in 2025. The secret ingredient? Brokers.

Today, virtually all of ING’s business is

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sourced through brokers, which means that for most ING customers, the closest thing to walking into a branch has always been a broker’s office.

To say the strategy has worked would be an understatement. Twenty-seven years later, ING writes more home loans in Australia than any other bank barring the big five.

Never an alternative While ING never had the luxury of brick-

and-mortar distribution, national sales manager and 25-year industry veteran Sergio Delvescovo (pictured, above) believes that absence shaped the successes that followed.

“Being branchless meant brokers were never an alternative channel for ING, they are the channel,” he tells MPA. “From the beginning, our success depended on understanding broker needs and creating a proposition that helped them serve customers successfully.”

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Sponsored by

While ING serves customers through both direct and broker channels today, brokers continue to originate over 95% of the bank’s home loans. That broker-first heritage has shaped the bank’s approach to distribution and customer experience over more than two decades.

“We had to focus on what brokers value most: competitive products, clear policy, consistency, service and simplicity. That broker-first mindset still shapes the way we operate today. It influences everything from product development and technology investment through to how we support brokers and their customers,” Delvescovo says.

“The result is a partnership model where brokers play a central role in both our growth strategy and customer experience.”

From loan introducers to trusted advisers Twenty-five years ago, the conversation ING had with brokers was often centred on products and pricing. “Today, they’re genuine strategic partners who influence how we design products, improve processes and shape our lending proposition,” Delvescovo says.

Take ING’s investor lending momentum, which ran at 4.7-times system growth on a rolling 12-month basis in May. Delvescovo says, “A key part of our strategy over recent years has been evolving our policy and lending capability to expand into new segments and support a broader range of customers. We’ve worked hard to strengthen our proposition for self-employed borrowers and investors, while continuing to deliver the simplicity and consistency brokers expect from ING.” It’s a shift he attributes to the changing expectations of customers – they want guidance and confidence in a complex decision, not just a comparison of numbers. It’s a shift that has also changed the expectations placed on lenders like ING. “Success is no longer determined solely by pricing or product features,” says Delvescovo.

“Today, brokers expect clear policy, fast and

LEADER SNAPSHOT Name: Sergio Delvescovo Role: National sales manager, ING Years in industry: Over 25 years Team size: 50 Recent company highlights: In October 2025, ING became the 6th largest mortgage lender in Australia

Greg Russell, ING’s state manager for NSW, echoes the sentiment from the front lines. “While I always believed the broker channel would continue to grow, I don’t think many people would have predicted it would reach the point where brokers are now facilitating 81% of all new residential home loans,” he says.

Sam Panucci, broker at Personal Finance Services in Leichhardt, goes further still: “It has evolved far beyond my expectations,” he says, crediting lender complacency and the rise of aggregators for accelerating the shift.

NSW-based ING business development

“From the beginning, our success depended on understanding broker needs and creating a proposition that helped them serve customers successfully” Sergio Delvescovo, ING consistent decision-making, strong service and technology that helps them run their businesses more efficiently… The focus has moved from simply offering competitive products to helping brokers deliver better customer outcomes.”

What Delvescovo didn’t anticipate was how far that shift would eventually carry the broker channel as a whole. Brokers now write more than eight in every 10 new residential home loans in Australia, marking a record 81% market share as of the March 2026 quarter.

Did Delvescovo expect to see such overwhelming dominance of the broker channel?

“No,” he concedes. “While brokers were already an important part of the market when I started, few people would have predicted the level of influence they have today.

“Brokers have earned the right to be the channel of choice for customers through the service they provide, the trusted relationships they’ve built and the innovation they have driven across the mortgage market.”

He’s not alone in that admission.

manager (BDM) Clem Marcocci is less surprised at the broking industry’s meteoric rise.

“Given the value brokers provide to customers, it’s no surprise to see more Australians choosing the broker channel.

Broker penetration reaching 81% reflects the growing trust consumers place in brokers,” he says. “It was just a matter of time and patience in doing all the right things.”

The BDM’s changing brief The importance BDMs and state managers have played in ING’s – and the broking industry’s – successes shouldn’t be underestimated. Yet the role has changed almost as dramatically as the broking profession itself.

Russell recalls a role that was largely centred on building relationships. “It was all about getting out on the road, meeting brokers face-to-face, growing accreditations, and being the go-to person between the broker and the bank,” he says.

Today, while trust and credibility remain, the relationship between brokers and BDMs has evolved into genuine partnership. BDMs

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A BROKING RETROSPECTIVE play a broader role in helping brokers identify opportunities, solve challenges and grow their businesses. They are part strategist, part advocate and part problem-solver, supported by technology that delivers in moments what once took days of research and analysis.

“I can have a meeting with a broker in Dubbo, jump onto a team call with colleagues across the country and review portfolio trends all within the same hour,” he says.

For Marcocci, the shift is best captured in what a broker needs from a BDM today versus what they once did.

“The industry is stronger because of it,” he says of reforms such as the National Consumer Credit Protection Act and the best interests duty.

While Delvescovo acknowledges the added complexity, he argues it’s been outweighed by improved transparency and professionalism across the channel – with BID in particular “reinforcing the value brokers provide by putting customer outcomes at the centre of the lending process”.

As for the ever-evolving face of technology, the shift from manual, paper-based lending to digital workflows stands out as the single

“A key part of our strategy over recent years has been evolving our policy and lending capability to expand into new segments and support a broader range of customers. We’ve worked hard to strengthen our proposition for self-employed borrowers and investors, while continuing to deliver the simplicity and consistency brokers expect from ING” Sergio Delvescovo, ING “The BDM and broker relationship has evolved from giving a simple response to a question to now developing a deeper relationship of trust, reliability and source of truth,” he says – a role that, in a market shifting daily on economic conditions and lender policy, sometimes means delivering an honest “we cannot assist” rather than a false yes.

Panucci agrees the stakes have risen: BDMs who simply say “lodge the application and see what happens” are the exact BDMs that brokers should avoid.

Stronger foundations Regulation has left the broking industry better off, not worse, in Delvescovo’s eyes.

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most transformative change Delvescovo has navigated.

“It has fundamentally changed the speed, transparency and efficiency of the lending process for brokers, customers and lenders alike” he says. “What once took days or weeks can now happen much faster through digital tools, automation and better access to information.”

He sees the next wave – AI, automation, real-time data – following the same trajectory rather than upending it. “The opportunity isn’t to replace people but to reduce manual administration, streamline decisionmaking and give brokers more time to focus on customer relationships and advice,” he says.

ING BY THE NUMBERS

1999 Year ING launched as Australia’s first branchless direct bank

6th ING’s ranking among Australian mortgage lenders by market share

Over 95% Share of ING’s new residential home loans written by brokers

27 Years ING has operated as a broker-first lender

Looking ahead, Delvescovo expects the industry to keep moving towards a more connected, data-driven lending experience – one that will require lenders, aggregators, regulators and brokers to collaborate rather than compete on the fundamentals.

“The future isn’t about replacing the broker,” he says. “It’s about using technology to make brokers more effective.”

Twenty-seven years on from its branchless launch, ING’s trajectory is an exemplar in what a broker-first strategy can do for a lender. Here’s hoping there’s another 27 in the tank.

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A BROKING RETROSPECTIVE

Pushing broking forward will take a village CommBank’s Baber Zaka on why lenders, aggregators, regulators and brokers all have a role to play in broking’s next chapter “BROKERS HAVE acquired some prominence in the residential lending market.”

That understated observation appeared in Commonwealth Bank’s 2001 annual report.

It would prove to be an early marker of a significant shift in how Australians accessed home lending.

In the 25 years since, mortgage broking has grown from an emerging distribution channel into an important part of the lending landscape. CommBank’s own relationship with the channel evolved during that period, including through its investment in Aussie Home Loans from 2008.

The story, however, extends beyond channel growth. Changing customer expectations, stronger regulation and advances in technology have reshaped the way Australians research, apply for and manage a home loan.

As the nation’s largest mortgage lender, CommBank has had a front-row seat to the growth of the broking industry – and few people inside the bank have a closer view of it today than Baber Zaka, who took over as CommBank’s general manager of third party banking in early 2025.

In an interview discussing the past 25 years of the broking industry, it’s clear Zaka is as fervent a supporter of broking’s successes as anyone else in it.

Earning your stripes Baber Zaka works closely with a channel that has continued to evolve alongside changing customer expectations, new technology and a more complex lending environment.

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Reflecting on the industry’s evolution, Zaka credits brokers’ rise to their ability to consistently pair expert knowledge with a genuinely tailored, one-on-one service.

“Brokers compare options and provide guidance through what is often one of the biggest financial decisions people will make,” he says. “That personalised service has built trust with customers.”

He says it cannot be overstated that the role brokers play is significant in helping customers navigate one of the most daunting and exciting decisions they’ll make in their lives. But he also believes the role of a broker has evolved significantly over time. Technical knowledge and lending expertise remain fundamental, but today’s brokers are also expected to

“Technology will continue to transform how work gets done, but it shouldn’t change what makes the broker channel so valuable … broking is a relationship business” Baber Zaka, CommBank Zaka sees this growth as a natural outcome of consistently meeting customer expectations and delivering value. “It’s this combination that has seen brokers continue to play an important role in helping Australians looking to buy a home.”

The value brokers bring In Zaka’s view, the greatest success story for brokers has been the trust they have built with Australians. “That trust has been earned through years of consistently delivering choice, guidance and personalised service, while continuing to adapt to changing customer expectations and put customers first.”

embrace technology, build their profile and adapt to changing customer expectations.

“Successful brokers also need to build a strong personal brand, embrace digital channels, communicate their value proposition clearly and create a customer experience that supports long-term relationships,” says Zaka. “Customers have more choice and access to information than ever before, so brokers need to continually demonstrate the value they bring. The brokers who stand out are those who combine professional expertise with genuine relationships, use technology to work more efficiently and adapt as customer expectations continue to evolve.”

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COMMBANK: A SNAPSHOT

Australia’s largest mortgage lender

More than 25 years supporting brokers and their customers

Continued investment in digital tools and simpler processes

Raising the bar Asked which single shift has had the most lasting impact on the broker channel, Zaka doesn’t hesitate: regulation.

“Reforms such as the National Consumer Credit Protection Act established a stronger foundation for responsible lending, while best interests duty reinforced the industry’s commitment to putting customers’ interests at the centre of lending recommendations,” he says.

But far from viewing compliance as a burden, Zaka frames it as a key factor in the industry’s evolution.

“These reforms have strengthened consumer confidence and helped mature

the broker channel. They have elevated professional standards, increased accountability and reinforced the important role brokers play in helping Australians navigate increasingly complex lending decisions.”

That same logic extends to the Hayne Royal Commission, which brought significant focus to the broker channel and prompted debate about its role, conduct and professional standards. The policy response ultimately focused on stronger consumer protections, including the BID and enhanced governance requirements, which passed into law in early 2020.

Zaka describes this as “a defining period

Focused on consistency, transparency and service to brokers

Committed to customer choice

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A BROKING RETROSPECTIVE because it challenged the entire industry to clearly demonstrate its value, its professionalism and its commitment to acting in customers’ best interests”.

His verdict, with the benefit of hindsight, is that the channel came through stronger rather than diminished. “It reinforced the importance of governance, transparency and customer-first practice,” he says.

as codify one that already existed. “The introduction of the best interests duty reinforced what has always been central to the role of a broker, which is acting in the best interests of the customer.”

On technology, Zaka points to the shift from paper-based, manual processing to full digital lodgement as one of the biggest changes of his career. But he’s careful to

“My vision is for a broker channel that continues to grow by earning the trust of even more Australians” Baber Zaka, CommBank “One of the royal commission’s lasting outcomes was a stronger focus on the customer, accountability and professionalism,” he says.

For brokers specifically, Zaka argues that BID didn’t introduce a new standard so much

separate the tool from the trade.

“Technology will continue to transform how work gets done, but it shouldn’t change what makes the broker channel so valuable.

At its core, broking is a relationship business.”

A united approach ”My vision is for a broker channel that continues to grow by earning the trust of even more Australians,” says Zaka. “That means continuing to embrace technology that removes friction and keeping customers at the centre of everything we do.”

But it’s not a vision that any one lender can deliver alone. “Achieving that will require all parts of the industry to work together.

Lenders need to keep investing in simpler, more consistent experiences for brokers.

Aggregators have an important role in supporting capability and development.

Regulators should continue to foster an environment that protects consumers while supporting innovation. And brokers must continue to adapt and put their customers at the centre of every decision.”

It will, to use a common phrase, take a village. If everyone can meet that challenge, Zaka believes the future remains bright. “I’m confident the broker channel will continue to go from strength to strength.”

COMMBANK MORTGAGE BOOK GROWTH OVER THE YEARS $700bn $600bn $500bn $400bn $300bn $200bn $100bn $0bn

2001

2019

2021

2022

2023

2024

2026

Source: CommBank annual reporting

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A BROKING RETROSPECTIVE

Aussie’s journey from margins to mainstream Chief distribution officer Brad Cramb reflects on 25 years of disruption of the nation’s mortgage finance landscape

IN THE early 2000s, a mortgage broker was, in Brad Cramb’s words, part of “an alternative distribution channel” – something borrowers might stumble upon rather than actively seek out.

How times have changed. Brokers in Australia now write more than eight in every 10 new residential home loans, one of the highest ratios in the entire world.

For Cramb, Aussie’s chief executive of distribution, what’s most striking is how the

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broker channel has evolved from an outlier to the de facto way of getting things done.

Cramb argues the shift is as much cultural as commercial. Borrowers, he says, stopped wanting a purely transactional lending experience somewhere along the way.

“They want guidance, choice and confidence in what is often one of the biggest financial decisions of their lives. That shift has elevated the role of the broker from loan writer to trusted adviser.”

Underpinning that trust has been a steady professionalisation of the industry itself – education standards, compliance frameworks and governance that have all been raised over the past two-and-a-half decades.

“What has emerged is a channel made up not just of brokers, but of business owners, community leaders and long-term advisers who play a genuinely important role in the financial lives of Australians,” says Cramb.

Few brands are more tied to that transfor-

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mation than Aussie. Founded by John Symond in 1992 and now part of the Lendi Group, the brand built its identity on challenging the major banks’ grip on home lending by offering cheaper loans, which it managed to do through securitisation.

Symond built the Aussie brand on the slogan ‘We’ll save you’, offering borrowers lower rates and free advice at a time when circumventing a bank branch was still a novel idea. In 2002, Aussie pivoted its business model to become a mortgage brokerage.

Symond stepped down as chairman in 2020 after nearly three decades at the helm.

By then, Aussie had grown into the country’s largest retail mortgage broking network, and today, Symond is credited as one of the individuals most responsible for breaking the banks’ hold on Australian home lending.

Cramb traces a direct line from Symond’s original disruptive intent to where the industry sits today. He says, “Aussie’s legacy starts with challenging the traditional banking model and putting customer choice at the centre of the conversation. That was a significant shift at the time, and it helped change expectations across the broader market.”

Building the mainstream broker brand Beyond the original disruption, Cramb points to Aussie’s franchise network – now spanning more than 1,300 brokers across upwards of 210 stores, having supported over 1.5 million Australians with home loans – as a defining structural contribution to the industry.

Building Australia’s largest retail mortgage broking franchise network “created a pathway for entrepreneurial brokers to move into business ownership and build something sustainable over the long term,” says Cramb.

“At scale, it allowed businesses like Aussie to combine the consistency and trust of a national brand with the strength of local ownership. That is a powerful combination because customers get confidence in the brand while still dealing with someone who is deeply connected to their local market and community.”

Surviving the royal commission No retrospective on the past 25 years can skip past 2018 and 2019, when the Hayne royal commission put broker remuneration and conduct under a level of public scrutiny the industry had never faced.

Cramb views the period as a turning point rather than a setback. “I do believe the broker channel emerged stronger,” he says.

“It came through with a clearer sense of purpose, higher professional standards and stronger public credibility. When an

industry can withstand that level of scrutiny and continue to grow, it says a lot about the strength of its underlying value proposition.”

But if regulation defined the last decade, Cramb reckons technology will define the next. He points to the shift from manual digital lodgement as one of the most disruptive changes to the industry to date. “It dramatically reduced turnaround times, removed a huge amount of manual administration and lifted both speed and accuracy

AUSSIE AT A GLANCE

Founded

1992 Founder

John Symond Original slogan

‘We’ll save you’ Number of branches today

210+ Number of brokers

1,300+ Number of Australians helped

Over 1.5 million www.mpamag.com/au

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A BROKING RETROSPECTIVE across the process,” he says, but he also sees AI as the next wave of disruption to break over the industry.

Cramb doesn’t see AI as a threat to the broker’s role. The opportunity is not to replace the broker, “but to remove lowvalue administrative work and create more time for higher-value conversations,” he says. “Our view is that the future is humanled and tech-superpowered. Technology should strengthen the broker-customer relationship, not diminish it.”

What’s still unresolved For all the channel’s gains, Cramb candidly acknowledges that the industry’s work isn’t done. Simplifying the customer and broker experience without unwinding the compliance gains of the past decade remains, in his view, an ongoing challenge, with inconsistent lender policies and application processes ripe for better alignment.

He also flags talent as a live concern for the next 25 years, not just the last, noting that the industry must concentrate on attracting and developing the next generation of brokers. “If the industry can solve for simplicity, consistency and talent, it will be in a very strong position for the next 25 years,” Cramb says.

Investing in the next chapter While Aussie’s influence in Australian mortgage broking is undeniable, Cramb

“We are proud of what we have achieved, but we are more driven than ever to keep innovating and enhancing the experience for both customers and brokers” Brad Cramb, Aussie stresses that the brand is looking forward, not backward.

“We do not rest on legacy. We are proud of what we have achieved, but we are more driven than ever to keep innovating and enhancing the experience for both customers and brokers. That challenger mindset has never really been about being disruptive for the sake of it. It has been about staying relevant, listening to customers, and continuing to evolve with the market,” he says.

“That is still true today. We are no longer just talking about the home loan transaction. We are building a broader platform that helps customers find, buy and own property, and that shows the challenger mindset is still very much alive. It is just being applied to the next phase of the customer journey.”

That evolution is already playing out at store level, where Aussie is investing heavily in its retail network, repositioning branches

as end-to-end property hubs where customers can research, finance and settle a purchase, rather than simply walking in for a home loan.

The franchise model is evolving alongside it. The launch of Aussie Modular – a new offering built for ambitious mortgage business owners – is giving the next generation of franchisees a more flexible route into the network.

Aussie Modular offers up to 90% passthrough on self-generated business, with returns rising as books grow. Paired with flexible, modular support and tools like embedded buyer’s agents and conveyancing attachments, Aussie Modular is designed to reward top performers and give ambitious brokers a clearer, more compelling path into scalable business ownership.

Like all of Aussie’s ventures to date, it’s just another example of the country’s largest retail broking network moving forward with, not being left behind by, the times.

AUSSIE: A BRIEF TIMELINE

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1992

2002

2008

2018-19

2021

2026

Aussie founded in February

Aussie begins transformation into a mortgage brokerage

Aussie acquires Wizard Home Loans in December

The Hayne Royal Commission

Lendi merger creates Lendi Group in May

Aussie to launch new franchise model, Aussie Modular, late this year

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A BROKING RETROSPECTIVE

The broker-first bank before broker-first was a strategy From typewriters and car phones to a fully digital, broker-only model, Bankwest’s broking story runs deeper than most LONG BEFORE broker-first was a marketing line any bank could claim, Marco Meloni was delivering commission cheques to brokers in person, because that was simply how the job got done.

As a Bankwest accountant in the early 1990s, Meloni signed one of the first thirdparty broking agreements a bank in Australia had ever put its name to – a moment that became an entirely different way of working.

“Home lending looked very different back when I signed the first loan for brokers partnering with Bankwest,” he tells MPA. “It’s an industry that has undergone significant growth and change.”

To understand quite how different, Meloni sets the scene: loans were handwritten on just two pages (front and back) and faxed to the bank; payslips were handwritten with many customers paid cash in envelopes; communication was done via pagers and pay phones while you were on the go. “I even had a car phone, which was a far cry from Apple CarPlay – a clunky device with a spiral cord attached to the car.”

Broker remuneration, in those days, also bore little resemblance to today’s tiered, performance-linked models. It was a onesize-fits-all approach, with brokers securing the same amount regardless of the loan size – a flat structure that held until trail

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commission was introduced, which, in Meloni’s telling, gave the whole industry room to grow.

Pioneering the WA model Before that shift, broking in Australia had largely meant commercial lending – residential mortgages were still a bank’s own domain. Meloni credits Bankwest’s home state directly with changing that.

switched to the other side of the desk.

“The strength of the relationship between broker and bank was strong personally – so much so that it was hard for me to work out which brokerage to work for when I decided to leave the bank,” he recalls, having spent most of his mortgage career in broking since (indeed, CHL Home Loans, formerly Choice Home Loans Leederville, is still going strong).

“Banks that have been successful in the broker channel have prioritised those relationships and enabled brokers with dedicated support” Marco Meloni, Bankwest “I do believe that the growth in residential broker deals was pioneered in WA, based on the Bankwest model,” he says. It’s a claim with real weight behind it: Bankwest built its home loan business almost entirely on broker relationships decades before the rest of the industry caught up, a head start that shaped the bank’s identity as much as it shaped the channel itself.

That relationship ran deep enough that Meloni struggled to leave it behind when he

What Meloni has taken from that experience is a clear sense of which lenders actually back the broker relationship with substance. “Banks that have been successful in the broker channel have prioritised those relationships and enabled brokers with dedicated support,” he says. “This is something I have seen Bankwest continue to invest in, and they have earned strong regard for their BDMs and tech support for brokers.”

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From paper files to portals Ian Rakhit, Bankwest’s general manager of home buying distribution, describes the earliest days of the channel in similar terms – manual, paper-heavy, and entirely dependent on personal relationships forged face to face.

“There were no Bankwest BDMs, and brokers would communicate with banks in person at their local branch,” Rakhit explains. “Brokers would bring their client’s paper file into the branch to discuss the application.”

That manual, in-person world has given way to something almost unrecognisable and at Bankwest, “that same journey has evolved dramatically, from those paperbased processes to today’s digital lodgement, meaning faster decisioning and far greater transparency for brokers”.

Rakhit points to the bank’s Broker Portal – giving real-time visibility, secure document sharing and simplified application management – as the clearest expression of that shift, and credits one particular event for accelerating it.

“A major disruption to customer behaviours and expectations around digital adoption was triggered by COVID,” Rakhit says. “The reduction of face-to-face activity raised expectations around digital solutions in customer service broadly, not just banking.”

A BRIEF HISTORY OF BANKWEST

1895

1990

1994

1996

2008

2010

2024

Founded as the Agricultural Bank of Western Australia

Marco Meloni, then a Bankwest accountant, signs one of the first third party broking agreements a bank in Australia had ever put its name to

Rebrands as Bankwest, the same year Meloni leaves to become one of Australia’s pioneering mortgage brokers

Lists on the Australian Securities Exchange

Commonwealth Bank acquires Bankwest

Ian Rakhit appointed general manager, broker and proprietary lending

Bankwest closes its last physical branches, becomes fully digital

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A BROKING RETROSPECTIVE

Crucially, though, he doesn’t see that as a retreat from relationships. “As the country recovered from the lockdowns... relationships remained central to delivering home lending value, and I think Bankwest and brokers have been aligned on a shared focus for genuine human support.”

PROFILE: IAN RAKHIT • Name: Ian Rakhit • Role: General manager, homebuying distribution • Years in industry: 36 • Years at Bankwest: 19 • Career highlights: Moving to Australia, supporting colleagues with their development to help them be the best they can be, helping to lift broker market share by positioning Bankwest as the best broker bank in the country

Built on trust The alignment with brokers has become existential for Bankwest in a way it hasn’t for most lenders. Having closed its last physical branches in 2024 to become fully digital, Bankwest now relies on brokers for the overwhelming majority of its home lending.

“Around 95% of our home lending now comes through the broker channel,” Rakhit notes. “That highlights just how central brokers have become in helping customers navigate their options and make confident decisions.”

Regulation, in Rakhit’s account, has only reinforced that focus. He credits reforms from the National Consumer Credit Protection Act through to best interests duty with creating “a more consistent, transparent and equitable lending environment for all Australians”.

Loan files sat in filing cabinets rather than on a portal, settlement cheques were typed by hand and title deeds were handwritten on parchment paper. Even a single typo carried real consequences: get to the end of a document and make a mistake, and the whole thing had to be retyped from the top.

Banking itself was a more formal, perhaps more personal, affair. “Customers would dress up to visit their branch to apply for a

“Buying a home remains one of the biggest financial decisions people make. Customers value trusted advice, strong relationships and someone to help them navigate the process” Ian Rakhit, Bankwest Look how far we’ve come Looking back, Rakhit paints a picture of an industry almost unrecognisable from today’s. Valuations meant a Bankwest colleague physically driving out to measure a house in person – “two-storey houses and those with more customised plans were extra complex”.

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loan, and branch managers were often pillars of their local communities, knowing their customers by name,” Rakhit says.

But that relationship hasn’t disappeared so much as changed address.

Where a branch manager once knew every customer by name, that same sense of trust and personal investment now sits with the

broker, across the kitchen table or on the phone, walking a client through the biggest financial decision of their life.

The formality may be gone – nobody’s dressing up for a video call with their broker – but the instinct behind it hasn’t. If anything, brokers have taken that old-school relationship and stretched it further than a branch manager ever could, following clients across suburbs, lenders and life stages, rather than staying fixed to one building on the corner.

And as technology continues to revolutionise how a deal is done, Rakhit remains certain the fundamentals won’t change.

“Buying a home remains one of the biggest financial decisions people make,” he says.

“Customers value trusted advice, strong relationships and someone to help them navigate the process.”

As for Meloni, this year brought a fitting full-circle moment. Having left Bankwest in 1994 to become one of Australia’s pioneering mortgage brokers, he was inducted into the Bankwest Hall of Fame 32 years later, in recognition of his contribution to the industry.

“I’m really proud at how far we’ve come and the resilience that has grown out of years of significant change,” he says.

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nMB’s Gerald Foley: 25 years on, broking’s fundamentals haven’t changed Industry veteran reflects on tech, regulation and the steady maturation of Australian mortgage broking IN THE early 2000s, following stints at ANZ and Mortgage Choice, Gerald Foley was in the process of establishing National Mortgage Brokers (nMB), the aggregator he still runs 25 years later.

Broking was still the exception to the rule back then, the challenger to banks that wrote roughly 15% of new home loans. Foley had a front row seat as that number surpassed 50% in the mid-2010s, before steering past 80% in 2026.

MPA caught up with Foley to look back on the highs and lows of the broking profession amid a happy coincidence – just as this publication turns 25, nMB is also celebrating 25 years in the business.

Even Foley underestimated how far the industry would come. He says, “In the first five to 10 years of this journey, I remember saying to a broker audience, my view would be if we do everything right, we’ll get to twothirds” – a number he privately suspected was already ambitious. “Next thing, we’re into high 60s, low 70s, and now starts with an eight.”

What strikes him most, though, isn’t the number itself but what it represents: banks no longer set the terms of engagement,

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brokers do. “The truth is the big banks wish we weren’t around at all,” he says. “But we’re not here because brokers think it’s a good idea. We’re here because consumers think it’s a great idea” – a distinction, he argues, that has quietly stripped banks of the ability to distribute loans purely on their own terms.

phasing out lender-paid trail commissions and introducing a broker best interests duty enforceable by civil penalty.

Government ultimately stopped short of banning commissions, but the BID and new conflicted remuneration rules passed into law in February 2020, requiring brokers to priori-

“We’re not here because brokers think it’s a good idea. We’re here because consumers think it’s a great idea” Gerald Foley, nMB The Hayne reckoning Asked to name the single most consequential event of the past 25 years, Foley doesn’t hesitate: the fallout of the Hayne Royal Commission.

Conducted in 2018–19, the Hayne Royal Commission delivered pointed criticism of mortgage broking, flagging conflicted remuneration and a lower duty of care to clients than the financial advisory sector.

Commissioner Kenneth Hayne recommended

tise borrowers’ interests. It marked the industry’s most significant regulatory overhaul to date. But rather than framing it purely as a threat, Foley describes it as the moment competing aggregators found common cause.

“There was a lot of camaraderie among aggregators, and then as we all started to build our businesses, we became more competitive,” he recalls of the industry’s early days. “The Royal Commission certainly brought it back to camaraderie... which was really, really

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by Liberty Financial in 2017 good to see.” That cooperation produced the Combined Industry Forum and its Value of Mortgage Broking report, reissued by the MFAA as recently as last year.

Foley is candid that BID wasn’t negotiated so much as forced onto the industry, but he rejects the idea that it exposed brokers with something to hide. “I think most brokers, most of the time, have always had the customer at heart,” he says. “Mortgage broking became accepted because people generally had a good experience... (BID) sort

of forced the maturity of the market to a degree.”

Today’s policy shocks As for challenges today, Foley reckons it’s not necessarily coming from the banks or regulators – it’s coming from Canberra. “We got an absolute bombshell of an announcement from the government,” he says, referring to the sudden move to scrap residential SMSF lending. “For me, it kind of came out of nowhere.” Lenders and brokers who had built

entire service lines around SMSF lending were given just 45 days to revisit their offerings – a notice period that Foley considers inadequate.

The implementation of highly controversial negative gearing changes was hardly any better. Effective from Budget night on 12 May, the policy caught buyers mid-transaction. “We saw examples where contracts were in the process of being executed – the purchaser had signed, the vendor hadn’t, until the next day after the Budget, and nega-

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FEATURES

A BROKING RETROSPECTIVE

25 YEARS THAT RESHAPED MORTGAGE BROKING

Early

12 May

June

2000s

2015

2018-19

2020

2026

2026

Brokers write roughly 15% of new home loans in Australia

Broker market share passes 50% for the first time

Hayne Royal Commission delivers findings on mortgage broking

Best interests duty and conflicted remuneration rules become law

Negative gearing, CGT changes take effect

Broker market share passes 80%

tive gearing was no longer available,” Foley says. “That’s just ridiculous. You can’t run it that way.”

Foley frames his frustration as one of process, not principle, accepting that housing policy must legitimately balance homeownership aspirations against housing as an investment asset. His objection is to the assumption underpinning the changes to negative gearing and SMSF lending.

“I personally think government has got it horribly wrong in presuming that everyone’s ambition in life is to own a property to live in,” he says, pointing to borrowers who rent where they want to live and buy where they can afford to get a foothold in the market – an option he believes has now been closed off.

From fax machines to AI If regulation forced the industry to grow up, technology has forced it to keep moving.

One story captures Foley’s philosophy better than any other. Years ago, some lenders were at pains to move on from faxed loan applications – but it was easier said than done.

“A lot of brokers just wouldn’t stop doing it the way they always had,” Foley recalls. When a friend at ANZ complained he couldn’t get brokers to stop faxing deals through, Foley’s advice was blunt: “I said to him, ‘Just unplug it.’ And guess what? Brokers started lodging deals online.” As he tells it, brokers were never going to stop doing business over a submission method.

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February

Foley applies the same logic to automation and AI today. As an aggregator, nMB now leans heavily on automation to keep pace with lender compliance and vetting demands.

“It’s a force for good, it makes things easier,” Foley says. Despite nMB’s progressive stance on technology, the human touch remains “such an important decision to buy a house and to borrow money”.

Foley describes trying out new direct-tolender platforms whenever they launch, and hitting the same wall every time: “You just get to a point when you think, ‘Who am I

says Foley. “The fundamental of consumers being time poor or information poor hasn’t really changed, and brokers have always been there to fulfil that need.”

Now, as the profession reaches the end of its first working generation, Foley increasingly finds himself advising brokers on how to hand their businesses over to the new guard.

He cites Melbourne fruit-and-vegetable magnate Frank Costa’s staged succession as a model: front of the Christmas photo one year, then the middle of the team, then the back,

“The fundamental of consumers being time poor or information poor hasn’t really changed, and brokers have always been there to fulfil that need” Gerald Foley, nMB sending this to? Where’s it going? I want to talk to someone.’” That, he believes, is why digital, self-service mortgages have been slow to take off – not distrust of the technology itself, but the need to hold someone accountable if things go pear-shaped.

Passing it on Through all of broking’s ups and downs, twists and turns and tech transformations, “the fundamentals haven’t really changed,”

over a three-year cycle, so clients gradually absorb the change.

“It can’t all be about you,” Foley warns long-established broker businesses. The goal should be for clients to start relating to the business itself, not just the individual broker, so that when a file changes hands, it doesn’t feel like starting over.

As a business leader who’s been involved from the beginning, Foley offers insights that the industry would do well to heed.

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FEATURES

COMMERCIAL LENDERS ROUNDTABLE 2026

COMMERCIAL BROKING IN A POST-BUDGET RESET CAFE SYDNEY’S dining room was packed to the rafters for MPA’s 2026 Commercial Roundtable, as 13 senior figures from every corner of the industry gathered for a deep dive into the forces reshaping commercial lending.

The mood in the room was equal parts urgency and opportunity. May’s Federal Budget, paired with the tightening of residential SMSF lending, has investors rethinking whether their capital belongs in residential

56

property at all – and whether commercial property is set to benefit.

Fraud, too, cast a long shadow over the discussion: AI-generated documentation has already rattled the wider mortgage finance industry, and few around the table believe commercial will be spared for long.

Then there was the million-dollar question – what next? With rates, inflation and confidence all up for debate over the coming

18 months, the panel weighed where the surprises might land, and just how far broker market share of commercial lending could climb.

Over the course of the discussion, the participants continually reverted to one theme: the commercial broker is fast becoming less a facilitator of transactions and more a trusted partner clients can lean on to navigate the complexity ahead.

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Tax and SMSF lending overhauls, AI-driven fraud risk and shifting client priorities are converging – and commercial brokers are stepping up as true partners, not just dealmakers

How have the sweeping tax overhauls announced in the May budget changed the game for commercial lending?

If there was one point of consensus around the table, it was this: the tax overhauls announced in the budget, coupled with the tightening of residential SMSF lending, mark a genuine inflection point for commercial lending rather than a temporary disruption.

Every participant, from major bank to boutique broker, described some version of the same shift: business owners and investors are reassessing whether their capital should keep flowing into residential property or pivot towards commercial real estate and owner-occupied premises instead.

Nobody around the table framed this as bad news for the sector. If anything, the mood was closer to cautious excitement, with a

widely shared view that the changes will accelerate demand for genuine advisory relationships, reward brokers who understand structure rather than just rate, and ultimately grow the commercial lending pie.

Where opinions diverged was on timing and depth. Some expected the shift to show up in deal volumes within months; others cautioned that meaningful capital reallocation would take until well into next year. But

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FEATURES

COMMERCIAL LENDERS ROUNDTABLE 2026 THE PANELLISTS

Cory Bannister Chief lending officer, La Trobe Financial

Kaz Carter General manager, commercial third party, BOQ

Joel Harrison Head of partnerships and distribution, Thinktank

Matthew Heinnen Group manager, commercial, Liberty

George Lyall General manager, Millbrook Group

Ben Mckell Head of commercial lending, Brighten

BROKERS

Stephen Scahill Group executive, commercial finance and NSW/ACT state director, LMG

Grant Smith Chief lending officer, ORDE Financial

Michael Stavroulakis Chris Thomas Head of product, Executive commercial broker A&E and SBLs, and equipment finance sales, Resimac NAB

on the direction of travel, the room spoke with one voice.

Chris Thomas at NAB set that tone from the opening exchange. “There’s a real sense that business owners are reassessing where their capital sits right now,” he said. “The changes to the tax regime announced in the budget will create opportunity for brokers to provide lots of fresh new advice.” He predicted a pivot towards commercial real estate as business owners look to build wealth “outside of their trading businesses”.

“The Australian business community is very adept at change, and they will work through these different changes … but they’ll still continue to find ways of building prosperity,” added Thomas.

George Lyall, general manager at Millbrook Group, whose focus is development finance, agreed that the SME and commercial sector had proven resilient through recent volatility, and expects the budget changes to compound existing tailwinds. “We see some real tailwinds over the next 12 to 18 months, specifically in

58

Siobhan Williams Head of mortgages, retail broker, Pepper Money

Isabella (Izzy) Constantinou Sales director, Simplicity

Mhairi MacLeod Director, Astute Ability Group

“The changes to the tax regime announced in the budget will create opportunity for brokers to provide lots of fresh new advice” Chris Thomas, NAB the commercial space, industrial, with strong fundamentals in the economy, with immigration, which will really underpin that growth,” Lyall said.

For Siobhan Williams, head of mortgages, retail broker at Pepper Money, the budget is doing more than nudging investment decisions; it’s shifting the entire conversation clients are having with their brokers. “There will be many SMEs looking at the structure of their business and asking, ‘does this still serve me?’” said Williams. “A lot of SMEs are going to be reviewing their position, their cash flow and their future investments. For Pepper Money, we do really provide a lot of

value when SMEs need to review their cash flow position, whether they’ve started to accumulate tax debt, whether they’ve got business debts, or maybe they’re finding a little bit of restriction on their loan terms and they want to stretch that out to improve their cash flow position.”

“Clients aren’t just asking whether to invest any more. They’re stepping back and reassessing how and where they structure and hold their assets,” Williams said. Off the back of that, Pepper Money is already seeing a lift in refinance activity as clients move early to restructure ahead of the changes, alongside a growing preference for established commer-

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COMMERCIAL LENDERS ROUNDTABLE 2026

cial property given its “consistent, reliable income and lower complexity”. There is also strong owner-occupier demand, she added, particularly from SMEs looking to take control of their long-term cost bases – and established property under $7 million sits squarely in Pepper Money’s sweet spot, especially where clients need to move quickly on a refinance or restructure.

The budget’s ripple effects extend to brokers themselves, Williams noted, not just their clients. Brokers are “feeling the same pressures as their SME clients”, she said, citing rising costs, increasing compliance and a growing reliance on technology and scale. That pressure is accelerating the shift towards a more professional, advisory-led model, with brokers “stepping beyond transactions into strategy” and leaning further into commercial lending as a genuine diversification play.

Grant Smith, chief lending officer at ORDE Financial, framed the current mood through the lens of SME lending relationships built over years, noting that commercial property was largely untouched by the budget compared with residential investment. “For SME businesses, they’ll be looking to assess and review their position,” Smith said.

BUSINESS CONFIDENCE REMAINS IN RED NAB Business Confidence Index, year to June 2026 7 0 -7 -14 -21 -28 Jul

Aug

Sep

Oct

Nov

Dec

support tomorrow’s strategy. That’s why borrowers are taking a much closer look at structure and seeking the right advice from the outset,” Harrison said, pointing to company, trust and SMSF structures as decisions clients can no longer make on autopilot.

He also sees a practical driver behind the shift to owner-occupied commercial prop-

George Lyall, Millbrook Group

60

Feb

Mar

Apr

May

Jun

Source: NAB Business Confidence Index

“We see some real tailwinds over the next 12 to 18 months, specifically in the commercial space, industrial, with strong fundamentals in the economy” “Residential property investment might have been their strategy before ... they’ll seek advice, they’ll look at options, and they’ll reassess their positions.”

Joel Harrison, head of partnerships and distribution at Thinktank, went further, arguing that brokers and borrowers alike will need to become considerably more strategic in how they plan. “Today’s decisions need to

2026

erty: “When the cost of ownership starts to look comparable to the cost of renting, it’s only natural that more business owners begin considering owner-occupied property.”

At Resimac, Michael Stavroulakis, head of product, A&E and SBLs, said the structural incentives had flipped almost overnight. For investors looking to buy residential property personally or through an SMSF now facing

new disincentives, “investing through corporate structures as well as investing in commercial property are now looking a lot more attractive”, he said.

Stavroulakis expects that shift to flow directly into demand for Resimac’s secured business loan products – a relatively streamlined, property-backed commercial facility – and argued that brokers now need a clear sense of where that kind of product sits in their toolkit as an alternative for clients navigating the new settings.

Matthew Heinnen, group manager, commercial at Liberty, acknowledged the opportunities while emphasising the growing challenges clients now face. “It’s become more complex in our environment postbudget, and customers’ businesses are increasing in complexity too,” Heinnen said.

He believes the story isn’t the tax changes themselves but how business owners and lenders respond. “We’re now going to see a greater emphasis on flexibility and resilience,” Heinnen said. “And the broker’s role in understanding the full picture has become increasingly important.”

Representing the aggregator perspective,

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Stephen Scahill, group executive, commercial finance and NSW/ACT state director at LMG, predicted the changes would draw an entirely new cohort of investors into commercial property, who will reshape what brokers are actually asked to do. “Advisory is going to play a greater role in the broker’s duties,” Scahill said. “The more sophisticated, knowledgeable brokers are likely to thrive in this environment.”

Kaz Carter, general manager, commercial third party at BOQ, drew attention to another positive outcome of the budget. The permanent $20,000 instant asset write-off “gives small businesses more incentive to invest in equipment, technology and productivity improvements”, she said, although businesses will still be selective, investing “where it improves productivity, reduces cost or protects cash flow, not simply because the tax setting is available”.

For brokers with the right expertise, Carter sees the real opportunity in adviceled lending. “The strongest brokers will be the ones helping customers understand

what this means for my cash flow, my structure and my next lending decision,” she said, arguing that the value now lies in helping clients stress-test what happens if rates stay higher, costs remain sticky or consumer demand softens – and how to maintain

actions,” Mckell said, citing yields of 6–8%.

“It’s really exciting.”

“Demand for commercial lending looks normal for now,” Cory Bannister, chief lending officer at La Trobe Financial, said of the impact of the budget changes. He shared

“Clients aren’t just asking whether to invest any more. They’re stepping back and reassessing how and where they structure and hold their assets” Siobhan Williams, Pepper Money adequate liquidity throughout.

Ben Mckell, head of commercial lending at Brighten, brought an overtly bullish voice to the table. “I’m actually excited – where there’s chaos, there’s opportunity,” he said, pointing to a rising tide of investors diversifying into specialised commercial assets such as boarding houses, medical suites and childcare centres. “They’re very sticky trans-

others’ optimism but added a clear note of caution, warning the shift would take longer to materialise than the room might like.

“Net, there’s a material tailwind for the commercial sector and for the broker sector for all the reasons given,” Bannister said.

“However, I think the impact of that will take longer than we expect ... I don’t think we’ll see an instant rotation of capital.”

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COMMERCIAL LENDERS ROUNDTABLE 2026

Bannister continued, “It’s a significant reshaping of tax reform and how we think about investing. With so much uncertainty in the market right now, I expect to see little change in activity levels between now and year-end – other than a potential slowdown in the residential investment space.”

The two commercial brokers at the table offered a view from the coalface. Mhairi MacLeod, director at Astute Ability Group, described a market that has softened in the short term as clients work through uncertainty. “Clients are unaware, unsure of themselves on where they should be directed,” MacLeod said, noting that many of her small business clients are relying on more sophisticated accountants, as well as their brokers, before making any move.

MacLeod didn’t understate the importance of speaking to an accountant worth their salt, “because I can’t work with an accountant that’s flipping and flopping and umming and ahhing when there’s so much change happening”.

She conceded that the budget “is going to slow our business up”, but “it’s going to push it forward probably after this quarter”.

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“Residential property investment might have been [SMEs’] strategy before ... they’ll seek advice, they’ll look at options, and they’ll reassess their positions” Grant Smith, ORDE Financial Isabella (Izzy) Constantinou, sales director at Simplicity, struck a positive note, reporting a jump in enquiries built around strategy rather than specific transactions. “There’s a huge opportunity for the broker cohort as a whole to take more of an advisory role,” Constantinou said. “Our clients are coming to us for our opinion on what’s happening in the market ... there’s a huge opportunity for brokers in the commercial space to really prove their value.”

Taken together, the responses painted a picture of a sector bracing for a genuine strategic reset – one where the winners, in almost every telling, will be the brokers and

lenders willing to lean into full-scope guidance rather than simply chase the next transaction. What stood out was how little disagreement there was on the fundamentals, even among participants representing very different parts of the value chain – major banks, non-bank lenders, aggregators and brokers on the ground.

How have SMEs’ lending needs evolved in response to ongoing concerns like surging supply chain costs, skill shortages, cash flow constraints, plummeting consumer sentiment and payday super, and how

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COMMERCIAL LENDERS ROUNDTABLE 2026 are you adapting your products to address these needs?

TOP BROKERS’ LOAN SETTLEMENTS RISE SHARPLY

If responses to the first question established that the budget was reshaping strategy, replies to the second made clear what that strategy now revolves around: cash flow. Almost every participant used some version of the phrase “cash flow is king”, and the consensus went further than just terminology.

Across banks, non-banks and brokers alike, the message was that rate has slipped down the list of client priorities, replaced by questions of structure, certainty and staying power over the next two to three years.

Lenders described products engineered specifically around easing repayment pressure – extended terms, interest-only options, higher loan-to-value ratios – rather than competing purely on price.

Harrison set the framing that much of the room returned to throughout the discussion. “Cash flow will be king over the next few years,” he said, noting that “rate still matters, but it’s no longer the first question.

Increasingly, clients want to know whether the structure will support their business over the long term.”

For Harrison, it’s not about planning for

Median value of loans settled by top commercial brokers over four years $200,000,000

$190,546,350

$158,903,005

$150,000,000

$122,804,500 $124,002,050 $100,000,000

2022

2023

64

2025 Source: MPA Best Commercial Mortgage Brokers in Australia survey

headline rate,” said Carter, arguing that businesses want lending that matches their trading cycle rather than products that assume steady monthly income. For BOQ, that means leaning into practical solutions: simpler refinance pathways delivered with speed; asset finance that supports produc-

“Cash flow will be king over the next few years” Joel Harrison, Thinktank today. “Clients are thinking about where their business will be in two, three or even five years’ time”. That’s why involving brokers, accountants and lenders early on is so important. The right structure from the outset can make all the difference.

Carter said cost inflation, more than any single rate movement, is the real pressure point for most businesses, and one that smaller firms are least equipped to absorb.

Many SMEs are now building working capital buffers through revolving facilities or cash reserves to manage supply chain costs, wage pressure, energy, insurance, stock delays and slower customer payments.

“Cash flow flexibility matters more than

2024

tivity; and closer broker–lender conversations up front “so the deal is structured properly the first time”.

For SME customers with borrowings under $10 million, Carter pointed to BOQ’s proposition of LVRs up to 90%, terms up to 30 years and interest-only options where appropriate. With the instant asset write-off now permanent, she also expects more SMEs to finance equipment, vehicles, technology and fit-outs while preserving cash – provided it’s a genuinely productive investment. Brokers, she noted, can add real value here by helping customers weigh the feasibility of electric or hybrid vehicles against their running and maintenance profile, and

by identifying opportunities to leverage unencumbered or low-geared property for working capital or investment purposes.

Williams described SMEs operating in a compressed-margin environment, with rising input and labour costs, ongoing supply chain pressure and higher rates all weighing on serviceability, and regulatory changes like payday super further tightening cash flow and reducing flexibility. Despite that, she is seeing a clear shift towards more growth-focused demand, with increased activity around expansion, equipment and owner-occupied property.

“SMEs are prioritising certainty and flexibility, not just access to capital,” said Williams, arguing that is precisely where non-bank lenders like Pepper Money can play an important role, particularly when deal structuring or timing gets complicated. In commercial lending specifically, that’s translating into stronger refinance demand to release equity, stabilise cash flow and simplify structures, alongside continued momentum in owner-occupier acquisitions.

Williams also touched on accreditation trends on the broker side. “We’re seeing an increase in residential brokers who are wanting to become commercially accredited,

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and they’re crying out for education in this space,” she said, citing more than 26,000 registrations for Pepper Money’s webinar education series over the past year.

Scahill described something similar on the aggregation side. “We get a lot of requests from the existing network to get commercial accreditations,” he noted, but stressed that LMG takes brokers “through a program before we allow them to do that”, rather than issuing accreditation on demand. “Diversification is being able to cater for your customer needs,” Scahill said.

“It’s not necessarily about a broker being able to do everything.”

Lyall picked up on a related theme in development finance, pointing to the growing demand for options that simply buy clients time. “Brokers are also after facilities that provide flexibility for their clients,” he said. “This allows their clients time to restructure or bridge the gap before finding a more stable solution” – a comment that reflected what other lenders around the table were describing in their own portfolios.

“I think the common theme is cash flow is king, but it’s also the cash flow cycle,” Mckell continued. For instance, do businesses know how to access cash flow through their debtor balance sheet? He also flagged a striking shift in how SMEs are managing stock and logistics, noting a sharp rise in storage-unit lending as businesses move away from third-party

describing efforts to help clients “simplify the balance sheet, consolidate their debts into an easier-to-manage payment” and build “dry powder” through equity access.

He also flagged a related structural risk: brokerages built around residential SMSF lending will need close support as that channel narrows. He said, “You’ve got lots of

“It’s got to be a collective solution, as opposed to individual” Michael Stavroulakis, Resimac logistics warehousing. “I’ve seen so many storage unit deals in the last three months for business owners wanting to purchase to utilise for their inventory,” he said.

Mckell also raised another salient point: “Brokers are self-employed – they know the nuances of cash flow, of paying staff – so it’s very critical that brokers play that strategic adviser role.”

Bannister said certainty, more than any single number, is what clients are chasing,

brokerage businesses built on specialising in SMSF lending that will be quickly looking to pivot into other areas … As a result, the request for education is going to increase significantly.”

Bannister also warned of a growing need for “a more integrated approach between brokers, financial advisers and accountants”.

Stavroulakis described a fast pivot in response to an emerging pressure point as rising operating costs squeeze businesses

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COMMERCIAL LENDERS ROUNDTABLE 2026

reliant on fuel-intensive assets. “We started seeing these signals,” he said, explaining that Resimac adjusted its lending approach for those businesses to avoid putting further pressure on cash flow. Applications for those assets placed more emphasis on “the cash flow of the business, as opposed to a straightthrough, low-doc type of matrix”.

Loan structures, Stavroulakis said, can be tailored to help free up cash flow, including supporting businesses with the incoming payday super obligations. And Resimac’s collections team has been equipped to offer tailored variations to existing contracts so customers can manage short-term challenges without interrupting trading. For businesses facing liquidity crunches or cash flow timing issues on Resimac’s secured business loan product, Stavroulakis pointed to “more flexible prepaid interest term offerings” that mean “clients have additional breathing room they need” while they work through shorter-term pressure.

Heinnen brought a longer-term lens to the issue, noting that most commercial customers aren’t transacting annually or sometimes even every decade. “While cash

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flow is a critical part of lending and servicing, understanding the strategic benefit of a purchase or refinance has never been more important” – a point Heinnen framed as a responsibility shared by accountant, broker and lender alike. He says Liberty’s approach is to understand the customer’s broader

environment, but said the broader outlook remains constructive. Drawing on ORDE’s Outlook Australia research – developed alongside Bernard Salt – he pointed to long-term trends, including population growth, ongoing housing demand, infrastructure investment and a growing busi-

“It’s become more complex in our environment post-budget, and customers’ businesses are increasing in complexity too” Matthew Heinnen, Liberty circumstances and work with brokers to identify appropriate lending solutions. “This is even more critical for customers with circumstances that are more complex, including self-employed borrowers and business owners with multiple income streams,” Heinnen says.

Smith acknowledged that many businesses are navigating a more challenging

ness-owner workforce, as reasons to remain focused on future opportunities as well as today’s challenges. “There are pressures in parts of the market today, and we’re seeing that play out in some businesses,” Smith said. “But when you look at the structural trends shaping Australia over the next decade, there are still plenty of reasons to be confident. Our role is to help brokers

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COMMERCIAL LENDERS ROUNDTABLE 2026 support their clients through current conditions, while backing those with a clear plan and pathway for growth.”

As for the brokers, MacLeod warned against clients making panicked decisions as the market softens, using civil works contractors as an example – businesses sitting on expensive idle machinery that could be refinanced for cash flow if the exit strategy is sound. “There is always a solution,” said MacLeod. “But it’s making sure as brokers we’re talking and knowing what the customer’s exit strategy is for that solution.”

MacLeod offered a few words of warning: “Brokers who lack experience in this space could potentially run the risk of making a poor choice of lender for their client. I think those brokers who are mortgage brokers need to stay in their lane, quite frankly. We’ve got a velocity of change happening right now, and unless you’re up to speed with it, you could make a monumentally poor decision for your client.”

Asked whether she agreed with that hot take, Constantinou returned to a previous point. She opted for diplomacy, saying, “The more you can understand what your clients’ drivers are, what they’re looking to do and what the strategic direction of their business is, it’s actually not just about what the cheapest rate is. I think a lot of inexperienced resi brokers just think their client is chasing the cheapest rate or the cheapest solution.

But it’s actually about tailoring a holistic solution that’s going to help the client get to the next stage of where they want to be. And the more experienced brokers are going to be absolutely better equipped ... to justify the options that are a little bit more expensive but fit better as a whole to a client’s situation.”

Thomas rounded out the topic by touching on how NAB has proactively surveyed customers through recent volatility. “The overall sentiment is that they are aware, concerned, reviewing, but customers are focused on continuing to execute.” He pointed to a “flight to quality” playing out at both the bank and broker level, with time and attention increasingly directed towards the relationships that matter most.

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Broker question from MacLeod: While it’s predominantly an issue in the consumer space, we’d be foolish to think the current storm around AI-enabled fraud is not going to rub off in the commercial space.

How is this playing out in commercial in regard to accreditations, lender policy and due diligence?

Australian home lending has heightened its focus on fraud in 2026, with compliance reviews uncovering falsified loan applications, including some reportedly AI-generated.

Equifax’s 2025 Fraud Index recorded a

measure – old-fashioned human contact,” he said. “It does make you revisit the premise of needing finance in 48 hours on what are typically 60- or 90-day transactions.” In his view, the industry’s race towards faster approvals may partly explain why things may get missed, and he predicted the market would eventually “reset somewhere in the middle” between speed and scrutiny, particularly in commercial lending.

“We could be reaching the point where we’re realising that when you go too fast, things may get missed or perhaps not be scrutinised as they otherwise would, and that

“I’m actually excited – where there’s chaos, there’s opportunity” Ben Mckell, Brighten 25.5% year-on-year increase in first-party fraud, even as lenders stopped more than $1.5 billion in fraudulent applications, while regulators have warned that AI is lowering the barrier to executing sophisticated attacks.

It’s a problem that has, so far, played out almost entirely in residential lending, but as the roundtable made clear, nobody in commercial lending believes that will last.

MacLeod made her concerns apparent: brokers are increasingly expected to catch AI-generated fraud (in her words, “we have to be detectives”), yet “we don’t have the technology at our desks to pick up certain frauds yet”, she said. She believes brokers shouldn’t carry that burden alone, since “we’re in this AI mess like you guys are too”, and noted that aggregators are now asking brokers to fund cybersecurity cover on top of their existing professional indemnity insurance.

For their part, no one at the table treated it as a broker problem to solve alone, and the conversation that followed largely validated MacLeod’s assertion that responsibility needs to be shared.

Bannister questioned a premise much of the industry has taken for granted: the need for speed. “Practices that can feel a little archaic may actually be the best detection

can lead to critical issues,” added Bannister.

Constantinou offered up a phrase she’d recently heard that struck a chord. “The gap between laziness and negligence amongst the industry is getting smaller as AI becomes more prevalent.” Her point was that using AI to work faster doesn’t remove the broker’s responsibilities. “We still have to make sure we’re doing our duty of care, our KYC and our due diligence to make sure that we as brokers cover all of our bases,” she said. “If there are brokers cutting corners by using AI to become more efficient, you have to make sure you’re not being negligent to your clients.”

Carter said, “The industry benefits when participants can share fraud intelligence and emerging risk indicators within appropriate legal and privacy frameworks.”

Harrison picked up the fraud-response theme, backing greater information-sharing while flagging the legal complexity. “There are legislative constraints around what lenders can share, so we need to be careful not to assume wrongdoing before the facts are established,” he said, stressing that lenders shouldn’t assume that every fraudulent application starts with a broker. Until the facts are clear, it’s important not to jump

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“The strongest brokers will be the ones helping customers understand what this means for my cash flow, my structure and my next lending decision” Kaz Carter, BOQ to conclusions about where responsibility sits. Still, he supports the idea of a national register for genuine repeat offenders. “If there’s a demonstrated pattern of deliberate misconduct, the industry should have a way of identifying repeat offenders,” he said.

Thomas argued that, for all the talk of technology, some of the oldest tools remain the most effective. “Much of the fraud we’re seeing could be detected through people visiting people ... walking the floor of businesses, seeing the trading assets moving,” he said, calling for strong due

diligence and know-your-customer practices across the industry.

Thomas said that discipline needs to be consistent across every part of the lending process: “Robust due diligence and genuinely knowing your customer remain our best protection. That standard needs to apply consistently, not just in the areas under the most scrutiny right now.”

Heinnen framed the challenge in terms of pace and scale rather than any single fix. “The challenge for the industry is that a small group of bad actors has never been so capable,” he

said, adding that while Liberty has been fortunate so far, it understands that “the challenge of staying in front of these issues requires ongoing focus and diligence” and will continue to refine its processes to minimise risks for brokers and customers.

Stavroulakis rejected the idea that any single lender could solve the problem in a silo.

“I’m not sure that’s going to be a solution,” he said of proprietary fraud-detection technology built in isolation, arguing instead for a shared approach, whether built jointly or made available as a common tool brokers can use to vet clients and documents. “It’s got to be a collective solution as opposed to individual,” he said.

Thomas called on the roundtable to remain diligent, saying, “A lot of fraud in the industry is mortgage-related, and I think the real wake-up call for everyone in this room is that, as responses start to tighten in that space, we need to be hypersensitive to that fraud moving into the commercial space. We’ve got to be super diligent and try to do everything we can in a coordinated

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FEATURES

COMMERCIAL LENDERS ROUNDTABLE 2026 way to get ahead of that likely outcome.”

Scahill brought the discussion to its natural conclusion, describing fraud defence as inherently layered. “Our brokers are the front line of defence, so they need to understand their customers well,” he said, while noting that brokers will always lack certain detection tools that aggregators have at their disposal.

The big four, meanwhile, “are going to have levels of AI sophistication that others won’t”.

For Scahill, the priority to come out of the discussion was simple: “How do we better share information” between lenders, aggregators and brokers so that confirmed fraud can be stopped from resurfacing elsewhere in the system?

Broker question from Isabella Constantinou: Over the next 18 months, what economic indicator will surprise the market the most, and what sort of impact will it have on the commercial lending market?

Constantinou got the next stage of the discussion in motion, turning the table’s attention to the 18 months ahead by asking which economic indicator – unemployment, rates, inflation, immigration or something else – was most likely to catch the market by surprise, and what that would mean for commercial lending.

“Net, there’s a material tailwind for the commercial sector and for the broker sector for all the reasons given.

However, I think the impact of that will take longer than we expect” Cory Bannister, La Trobe Financial The roundtable diverged on the answer to her question but converged almost entirely on the trajectory of the broker channel itself. Every participant backed some version of the same number: commercial broking is heading towards 50–60% market share within the next couple of years, mirroring the path residential broking has already travelled.

This growth will come from a mix of established brokerages training their own talent, residential brokers diversifying with real support, and experienced bankers re-entering the industry as brokers.

On the economic outlook, the room was more divided: some expected rates to stay broadly neutral with a slow drift down, others flagged persistent inflation due to housing supply pressure, and one lender pointed to on-the-ground optimism from developers

WHERE ARE SMES BENEFITING MOST FROM AI? 58%

Employment productivity 46%

Marketing Customer service

36% 14%

Labour costs Other

9%

Profitability

9%

Revenue

7% 4%

No benefits to any area 0%

10%

20%

30%

40%

50%

60%

Source: NAB SME Business Insights, July 2026

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that surprised even those closest to the sector.

Williams acknowledged just how uncertain the forecasting landscape currently is.

“Right now, we’ve got differences in opinion from every major bank on what’s coming,” she said, challenging the premise of the question: rather than guessing what will surprise the market, she argued that brokers should “hedge your bets so that you’re successful either way”, serving both wealth creation clients and those under cash flow pressure by aligning with “a broad spectrum of lenders” instead of betting on a single scenario.

That advisory instinct, said Williams, is really an extension of how the broking industry has evolved into an advisory-led profession, driven by increased complexity, uncertainty and choice. In her words, borrowers now expect brokers to “go beyond sourcing funding and help connect the dots across credit, tax and cash flow”. In response, she is seeing brokers step into more strategic roles, focusing on portfolio reviews, refinance opportunities and broader capital strategy – and, increasingly, looking for lending partners “who can support that broader strategy, not just the transaction”.

Smith gravitated towards the more optimistic end of the spectrum on sentiment.

“I think we will look through the tax changes once we’ve taken time to understand it,” he said, noting that “market fundamentals for future growth remain strong based on our Outlook Australia research, and so we should hopefully see a rebound in business and investor confidence, setting up a period of opportunity for SMEs”.

Bannister offered a detailed, yet cautious, forecast. He expects rate settings to stay

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FEATURES

COMMERCIAL LENDERS ROUNDTABLE 2026 “broadly neutral” over the next 12 months (or to see “maybe one more increase”) before holding, with inflation kept alive by housing supply pressure on rents. On commercial lending specifically, he predicted “slight improvement at the small-balance, entrylevel end” as residential-type investors pivot towards assets like storage sheds – but believes the “larger end of the market will stay roughly the same”. He warned that the industry will “still be talking about housing affordability” well beyond the 18-month window.

Lyall countered some of that caution by drawing on recent discussions with industry players. Development clients in Victoria, who were “arguably the worst hit over the past 12–18 months”, have struck him as unexpectedly buoyant. “They saw large opportunities,” he said, driven by the view that acquiring sites now, at lower prices, makes long-term feasibilities work again.

Asked directly for his 18-month prediction, Lyall said, “Everyone is very negative at the moment, [but] commercial borrowers are resilient; they have shown this over the years.

Australia is a great place to live, with immigration at all-time highs and a huge undersupply of housing, so there’s going to be a huge need for development and construction.

Looking 18 months ahead, there will be more confidence in the market, costs will have stabilised, and development will be in its next growth cycle.”

Mckell kept his answer grounded in what brokers should actually be doing in the next quarter rather than forecasting rates. “It’s very important now that you’re giving [clients] the right advice, checking in with them, getting on the front foot,” he said, urging brokers to renegotiate rates and reassess loan terms before clients even ask – a practice he believes builds the loyalty that generates repeat business.

Carter predicted continued strength in health and pockets of resilience in retail.

“We continue to see resilience in healthrelated sectors,” she said, adding that certain geographic retail markets might “surprise” the industry given prevailing sentiment.

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“The more sophisticated, knowledgeable brokers are likely to thrive in [today’s] environment” Stephen Scahill, LMG Regardless of the segment, the best brokers, in Carter’s view, are the ones “simplifying complexity” – translating policy changes, lender appetite, security options and economic risk into plain English – with the relationship shifting “from transaction to partnership”. She flagged one emerging risk in that shift, too: as broker penetration in commercial lending matures, she expects to see more brokers poaching each other’s clients, creating refinance risk and a loss of trail income for brokers who don’t stay close to their books.

Looking at the commercial property space more broadly, Stavroulakis noted that secured business loans are becoming increasingly relevant as borrowers and brokers look for practical financing options. Industrial, in his view, remains relatively strong on ongoing demand for logistics and warehousing, while retail is still performing in pockets even as broader economic headwinds risk softening momentum. Office space, by contrast, continues to warrant a cautious approach given elevated vacancy rates. Strong regional commercial property, Stavroulakis said, can

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SMES LOSING CASH FLOW CONFIDENCE Proportion of Australian SMEs confident of staying cash flow positive over next 12 months

60%

Down from 70% in Feb 2026

Source: Prospa YouGov SME Sentiment Research, May 2026

“I think those brokers who are mortgage brokers need to stay in their lane, quite frankly” Mhairi MacLeod, Astute Ability Group still appeal to investors chasing yield, provided the underlying asset and tenant profile are sound. And as regulatory scrutiny around private lending increases, he believes secured business loans can offer a comparable solution with the added confidence of institutional funding behind it.

On market share specifically, Scahill set the number the rest of the room measured themselves against. “We had a view in ’23 that broker share [would get] to 50% by ’28,” he said – a target he now believes is “probably happening a bit quicker than that”, despite

the difficulty of forecasting in a genuinely contestable market.

Harrison agreed that 50% commercial market share for brokers feels inevitable, but “the question is how quickly we get there”.

He argued that more sophisticated brokers will capture share as clients increasingly value brokers who can provide independent advice and help them navigate a broader range of options.

For Thomas, there’s only one simple way for brokers to reach their potential in the commercial lending market: “And that’s

know your customer. If you’re creating value, the customer will follow.”

Stavroulakis also pointed to the value of experienced commercial brokers in more complex property transactions, where structuring, strategy and long-term planning often matter as much as securing funding. “The broker plays more of an advisory role,” he said, noting that there can often be multi-hour conversations about structure rather than simply sourcing funds. “It’s not something clients should have to tackle on their own”, he said, which is exactly why commercial broking’s value proposition, and by extension its market share, keeps strengthening.

Stavroulakis sees that same relationshipled approach playing out across Resimac’s own book, particularly among borrowers now working through exit-strategy hurdles on secured business loans and equipment finance, where transactional broking is proving less effective for clients who need guidance and a clear pathway forward rather than a single product solution.

Smith returned later in the discussion to address how that growth is delivered in

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COMMERCIAL LENDERS ROUNDTABLE 2026

practice, describing commercial as “a specialised conversation ... a tailored conversation” that demands real-time investment.

He pointed to three channels for growth: established brokerages training and developing their own people, residential brokers diversifying into commercial with proper support, and experienced bankers re-entering the industry through broking. From there, “the onus really comes down to us as the lenders” to deliver the accreditation and training that ensures new entrants understand the space and are equipped to support the full needs of their clients.

Notably, none of the projections floated around the table treated 50–60% as a ceiling so much as a waypoint. The comparison to residential broking’s trajectory – now sitting

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“There’s a huge opportunity for the broker cohort as a whole to take more of an advisory role” Isabella (Izzy) Constantinou, Simplicity at close to 80% penetration after a decade of steady growth – was raised more than once as evidence that commercial lending is simply earlier in the same curve, not on a fundamentally different one.

What differed most between speakers was less the destination than the mechanism for getting there: some framed it as a function of client demand for independent advice outpacing bank-only relationships, others as

a supply-side story of lenders and aggregators finally building the training infrastructure to support brokers making the jump from residential to commercial.

Taken as a whole, the closing exchange left little doubt that the panel viewed commercial broking’s growth as a matter of ‘when, not if ’ – even as the broader economic picture remains, by the room’s own admission, genuinely uncertain.

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FEATURES

LEADERSHIP

Why self-leadership is the most overlooked skill in business After 30 years in leadership, author, athlete, speaker and high-performance mindset coach Jason Dunn recalls the lesson that changed everything LEADERSHIP IS often described by what people can see: strategic thinking, decisive action, confident communication and the ability to inspire teams through uncertainty.

Those qualities matter, but after more than three decades leading organisations and regional teams, I’ve come to believe they are not where great leadership begins.

As my self-awareness grew throughout my career, I built a small circle of trusted advisers who gave me honest feedback. I vividly recall the day one of them attended an important leadership offsite to observe me. His feedback was simple yet confronting; while he believed I demonstrated the right leadership qualities, I was moving at my pace, not the pace that my team needed. He told me I was “driving the bus too fast,” leaving some people behind at various stops. It was a powerful reminder that leadership isn’t measured by how quickly the leader moves, but by how many people they bring with them.

The best leaders I’ve worked with mastered themselves before they mastered strategy, markets or organisational growth. In today’s environment of disruption and rising expectations, organisations invest heavily in leadership capability but often overlook its foundation: self-leadership. A leader’s habits, emotional discipline, values and self-aware-

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ness shape every decision, every conversation and, ultimately, organisational culture.

Strategy determines direction, but leadership behaviour determines whether people choose to follow.

Self-awareness is where leadership begins Many executives believe leadership begins with confidence. I believe it begins with selfawareness. Organisational psychologist Tasha Eurich found that while approximately 95% of people believe they are self-aware, only 10–15% are. That gap between how we see ourselves and how others experience us

creates blind spots that undermine trust, communication and decision-making. As the Harvard Business Review notes in its summary of Eurich’s research, leaders who fail to recognise those blind spots often weaken the very culture they are trying to build.

I experienced that myself. Early in my executive career, I believed leadership meant having the answers. I worked harder than everyone around me, solved problems myself and measured my value by how much I could personally contribute. Those behaviours delivered results but limited my growth and the growth of the people around me. Eventually, I realised leadership isn’t about proving your

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capability. It’s about creating an environment where others discover theirs.

Emotional discipline shapes culture Every leader eventually faces uncertainty.

Markets shift constantly, technology disrupts industries and difficult conversations become unavoidable. During those moments, employees watch leaders more closely than they listen to them.

Psychologist Daniel Goleman’s research into emotional intelligence demonstrates that

whether leaders honour commitments, model accountability and live the values they expect from others. If leaders promote wellbeing while modelling chronic exhaustion or speak about integrity while compromising principles under pressure, people notice. Culture isn’t created by what leaders announce, it is created by what leaders repeatedly do.

Research from the Korn Ferry Institute found that organisations led by executives with higher levels of leadership self-awareness consistently outperformed lower-performing

That gap between how we see ourselves and how others experience us creates blind spots that undermine trust, communication and decision-making self-awareness and emotional self-regulation are among the strongest predictors of leadership effectiveness. Leaders who regulate their emotions make better decisions under pressure, build stronger relationships and create workplaces where people feel psychologically safe enough to contribute ideas and challenge assumptions.

This is reinforced by Harvard Business School, which argues that leaders who regularly reflect on how they are perceived by others make more balanced decisions because they are less likely to be driven by ego or unconscious bias. I’ve learned this lesson through business and endurance sport.

Completing 14 Ironman triathlons and countless ultramarathons taught me that pressure never creates character. It reveals it. Crisis simply exposes whether resilience has been developed long before it’s needed.

Discipline builds credibility Leadership credibility isn’t built through presentations or vision statements. It’s built through consistency. Employees notice

organisations, reinforcing the direct relationship between personal leadership and organisational performance. People rarely follow titles. They follow consistency. Discipline, which is the alignment of wisdom and actions, becomes contagious because leaders establish the behavioural standard others naturally adopt.

Great leaders remain students One of the biggest changes in my leadership, and indeed my life in general, occurred when I stopped believing I needed all the answers.

Today, I believe the strongest leaders ask better questions.

What am I missing? How might my behaviour be contributing to this challenge? When was the last time someone felt comfortable enough to disagree with me?

Those questions require humility because they acknowledge an uncomfortable truth: our perspective is always incomplete. Google’s Project Aristotle found that psychological safety, not intelligence, seniority or technical expertise, was the strongest predictor of

high-performing teams. Likewise, Gallup found that managers account for approximately 70% of the variance in employee engagement, highlighting the profound influence leaders have on organisational performance and culture. The strongest leaders never stop learning. They seek feedback, challenge assumptions, admit mistakes quickly and remain curious because they understand leadership is a continual process of personal growth.

Leadership is an inside-out journey Looking back, I realise that the greatest transformation of my career wasn’t becoming a CEO or completing endurance events that once seemed impossible. It was learning to lead myself first. Developing greater discipline, emotional awareness and purpose transformed my leadership. My decisions improved, relationships strengthened, and the cultures I built became healthier because I understood that my behaviour, not my position, set the tone.

Mastering yourself means mastering your emotions, your ego, your habits and your responses before seeking to influence anyone else. Leadership isn’t about controlling people; it’s about influencing them, and that influence begins long before a leader speaks. It begins with the standards they set for themselves.

Every organisation eventually reflects the character of its leaders. That’s why the greatest leaders don’t master organisations first. They master themselves.

Jason Dunn, author of Greatness Doesn’t Care (Major Street Publishing, $34.99, 1 Aug 2026), is an ultra-endurance athlete, speaker and high-performance mindset coach who has completed more than 14 Ironman competitions and multiple ultramarathons. Alongside a successful career in finance and wealth management, he has built a reputation for helping individuals and organisations develop resilience, discipline and purpose-driven performance. Find out more at greatnessdoesntcare.com.

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PEOPLE

BROKERAGE INSIGHT

Father, son and 30 years of broking After three decades building relationships one kitchen table at a time, Tony Kelly is quietly handing Kelly Home Loans to the new guard TONY KELLY arrives at his client’s door for the third time in a fortnight, folder under his arm. It’s the mid-1990s, and mortgage broking in Australia is in its infancy. There’s no app to check, no portal to log in to. If a deal hits a snag, Kelly doesn’t call it in. He gets in the car, drives over, sits at the kitchen table and works through it face to face.

Every signing gets the same treatment.

Whether a $10,000 top-up or the rare milliondollar loan, it doesn’t matter. Kelly turns up in person for all of them. It’s slow, deliberate work by today’s standards, built on paperwork, fax machines and phone calls rather than digital lodgement, with none of the automation his son Tim will later bring to the business. But it’s also how trust gets built, one kitchen table at a time.

There’s no marketing plan behind any of it, either. Kelly has never placed an ad beyond the occasional sponsorship of a junior football side.

Every client who walks through the door arrives because someone else sent them – a friend, a relative, a fellow parent at the school gate.

It starts with 10 clients. Word spreads. A referral becomes a family becomes a generation, and 30 years later, that same quiet, unadvertised network grows into hundreds of relationships spanning the country – proof, in Kelly’s mind, that in an industry now dominated by apps and algorithms, the oldest currency in broking was never really the paperwork. It was always the handshake.

“Nobody gave you work unless they liked you,” Kelly recalls. “Every deal I got, I got

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through word of mouth.”

Three decades on, Kelly is easing out of the back door of the business he built – Kelly Home Loans – and handing the keys to his son Tim. It’s a transition that mirrors a changing of the guard playing out across the entire industry, and one that’s left Kelly reflecting on just how far broking has come since he started.

From ‘us and them’ to ‘can’t do without them’ Kelly is what the younger generations would call “the OG” of broking – a man who has been there from the beginning and seen every challenge, every success, every evolution the industry has encountered. He credits one man in particular with reshaping it: Aussie Home Loans founder John Symond.

“I say they should have erected a monument to John Symond in Martin Place, and every broker should have to kiss it every year,” he says half-jokingly. “Because without doing what he did, this would never have happened.”

Symond’s “we’ll save you” pitch against the big banks, in Kelly’s telling, is what first got Australians to trust brokers over their local

bank manager – a relationship that had already started fraying as banks rotated managers between branches.

“You didn’t deal with the same person,” he says. “At least when you deal with a broker, you normally will get the same person every time.”

That dynamic has only deepened since. Secondtier lenders – Bankwest, AMP Bank, ING – have gone all in on the broker channel in Kelly’s view, because they’ve accepted they have no real choice.

And if Symond changed who Australians trusted, technology changed how that trust gets delivered. It’s here, that he’s been happiest to let his son take the lead. He’s the first to concede he hasn’t kept pace with technology himself. But watching Tim transform Kelly Home Loans from the sidelines has given him a clear-eyed view of just how much the profession has changed.

Where Kelly once ran everything on paperwork and phone calls, his son has “automated everything”, moving applications online, digitising documentation and building systems that let deals move without a single physical file changing hands.

THE COVID EFFECT Tony Kelly credits one particular event for accelerating the shift to digitisation: COVID-19. Before the pandemic, identity verification for a loan had to happen face to face, in person, every time. “In some respects, for the industry, COVID was the best thing that ever happened,” Kelly says, noting that the enforced move to digital ID checks cleared the way for a genuinely paperless process.

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KELLY HOME LOANS Founder: Tony Kelly Established: 1999 Team: Tony Kelly, son Tim Kelly, plus one support staff member Loan volumes: $75–100 million written annually Tony Kelly and son Tim

The generational divide is the part Kelly notices most day to day. Older clients, “probably can do it [digitally], but they don’t want to do it” – they still want the personal visit.

Younger clients often want the opposite: fast, digital, no friction. It’s a split that plays out even within his own family, watching his grandchildren move through apps and algorithms with an ease he still finds remarkable.

Handing over the reins As Kelly Home Loans gradually changes hands to the new guard, Kelly sees his own succession story as a small piece of a much larger shift moving through mortgage broking. An entire generation of brokers who entered the industry when it was new – himself included – are approaching retirement at roughly the same time, and Kelly isn’t convinced the industry has fully reck-

oned with what that means. “A lot of experience will go out of the place,” he says.

That experience, isn’t easily replaced. As the age-old adage goes, “It’s not what you know; it’s who you know.” The problem, as he sees it, is that those same contacts are retiring

“Every deal I got, I got through word of mouth” too. “Your head of credit, your state general managers ... they’re about my age, and they’re looking to exit as well.”

Still, Kelly isn’t pessimistic about the industry’s ability to absorb the change. He believes new relationships and networks push the industry forward, much as his own

did decades ago. “I can’t see broking ever getting any less than what it is now,” he says.

Is he excited to see where Kelly Home Loans will go from here, once he finally hands the reins to Tim completely? It certainly sounds like it.

“He does it better than I ever did it,” says Kelly of Tim’s stewardship of the business.

“He will probably grow the business a lot more than I ever did.”

There’s even a flicker of hope that it could stretch to a third generation. “It would be lovely if they could,” he says of his grand­ children possibly joining one day, noting that two of them already show a sharp head for numbers.

For Kelly, that’s the real reward: not stepping back, but watching what he built keep moving forward under his son. “And that’s exactly what I want him to do.”

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PEOPLE

OTHER LIFE

“ Motorsport combin es speed, precision a nd engin eering. I love the thrill of speed a rou nd the bends ”

TELL US ABOUT YOUR OTHER LIFE Email william.farrington@keymedia.com

LIFE IN THE FAST LANE Rethink Financing’s Son Pham swaps boardrooms for racetracks, chasing speed and precision behind the wheel AWAY FROM arranging finance for clients, Son Pham spends his free time on the racetrack.

The Rethink Financing managing director keeps three cars in rotation for track days, each built for a different kind of speed – a 2024 Porsche 718 Cayman GT4 RS, a 2026 Honda Civic Type R and a 2022 Tesla Model 3 Performance.

“I have always been drawn to the combination of speed, precision and engineering,” Pham says.

He has also competed in door-to-door endurance racing with BYP Performance in a Honda Civic, recalling: “My heart rate was 150ish beats during that time!”

A career highlight came on a Lexus drive day, when Pham shared a hot lap with Australian Formula 1 legend Alan Jones in a Lexus LFA at Eastern Creek Motorsport Park. The car, worth $1–2 million today, is exceptionally rare.

“Experiencing such a special car at speed, driven by a former Formula 1 world champion, was something I will never forget,” Pham says.

3

Performance cars Son Pham personally takes onto the track

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1

Endurance race Pham completed with BYP Performance

1

Hot lap Pham completed with F1 legend Alan Jones in a Lexus LFA

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Get in touch: 1300 302 474 or visit gatewaybank.com.au/broker Gateway Bank Limited | ABN 47 087 650 093 AFSL/Australian Credit Licence Number 238293

AFSL/Australian Credit Licence Number 238293

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